During the fiscal year ended November 30, 20Y4, Depp Construction Division had one construction project in process. A $30,000,000 contract for construction of a civic center was granted on June 19, 20Y4, and construction began on August 1, 20Y4. Estimated costs of completion at the contract date were $25,000,000 over a 2 year time period from the date of the contract. On November 30, 20Y4, construction costs of $7,200,000 had been incurred and progress billings of $9,500,000 had been made. The construction costs to complete the remainder of the project were reviewed on November 30, 20Y4, and were estimated to amount to only $16,800,000 because of an expected decline in raw materials costs. Revenue recognition is based upon a percentage of completion method. what is the revenue to be recognized in 20Y4?
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