Problem 2 Diaw Construction Co. has a $200,000 contract which began on January 1, 2014 with an expected completion date of October 31, 2016. The following table provides information gathered during the construction period.

Diaw uses the percentage of completion method to account for this contract.

Construction costs incurred during the year : 2014, 2015, and 2016 at costs $36,000 ; $33,000 and $111,000 , respectively.

Determine the amount of revenue and profit recorded on the income statement for 2015 and 2016