Scenario: WFB Builders is a partnership formed by two construction companies (neither of which is a C corporation) using a calendar year tax year. WFB builders has been engaged in numerous other projects over the last several years such that it has had gross receipts of at least $35 million per year since 2015.

In October 2019, WFB entered into a contract with O Development Co. to build a 25-story apartment building with at least 150 apartments and various amenities for the residents such as a fitness center, community room, etc. There will also be space for a coffee shop on the ground floor. The plans for the building show that the coffee shop will take up only 5% of the total floor space in the building. The total contract price for the construction is $100 million. Construction is to commence in November 2019 and the building is to be completed in June 2021.

At the end of 2019, WFB estimated that 75% of the contract costs will be attributable to the actual residential units in the building, another 17% of the costs will be attributable to the common areas and amenities for the residential units, and 8% of the costs will be attributable to the coffee shop.

At the end of 2019, WFB had incurred total allocable costs of $7 million and estimated the total allocable costs would be $70 million. In 2020, WFB incurred another $54 million in allocable costs and amended its estimate of total allocable costs to $80 million.

Question: Given the facts, what accounting methods may WFB use in order to account for the income earned and expenses incurred over the course of the contract with O Development? How much income from the contract would WFB report in 2020 if they are permitted to use the percentage of completion method to account for the contract?