Indiana Co. began a construction project in 2016 with a contract price of $150

million to be received when the project is completed in 2018. During 2016, Indiana

incurred $36 million of costs and estimates an additional $84 million of costs to

complete the project. Indiana recognizes revenue over time and for this project

recognizes revenue over time according to the percentage of the project that has

been completed.

Suppose that, in 2017, Indiana incurred additional costs of $63.75 million and

estimated an additional $42.75 million in costs to complete the project. What profit

or loss will Indiana record for 2017?