In spring 2012, Lowell Engineering Company signed an $120 million contract with the city of Chelmsford, to construct a new city hall. Lowell Inc. expects to construct the building within two years and incur expenses of $70 million. The city of Chelmsford paid $40 million when the contract was signed, $60 million within the next six months, and the final $20 million exactly one year from the signing of the contract. Lowell Inc. incurred $35 million in costs during 2012 and rest in 2013 to complete the contract on time. Using the percentage-of-completion method how much revenue should Lowell Inc. recognize in 2012?