On July 1, 20x1, Contractor Co. enters into a contract with a customer for the construction of a building. At contract inception, Contractor Co. assesses the contract in accordance with the principles of PFRS 15 and concludes that it has a single performance obligation that is satisfied over time. Contractor Co. then determines that the appropriate measure of its progress on the contract is input method based on costs incurred. Information on the contract is shown below: Contract price 600,000 Contract costs incurred during 20x1 120,000 Estimated remaining costs as 240,000 of Dec. 31, 20x1 Billings to the customer during 20x1 180,000 Collections on billings during 20x1 60,000 What amount of revenue is recognized on the contract in 20x1