In spring 2021, Parmac Engineering Company signed a $540 million contract with the city of Parkersburg, to construct a new city hall. Parmac expects to construct the building within two years and incur expenses of $180 million. The city of Parkersburg paid $160 million when the contract was signed, $180 million within the next six months, and the final $200 million exactly one year from the signing of the contract. Parmac incurred $80 million in costs during 2021 and $100 million will be incurred in 2022 to complete the contract on time. Using the cost-to-cost method how much revenue should Parmac recognize in 2021? Select one: a $180 million b. $240 million 5200 million d. 596 million