In spring 2012, mainline engineering company signed an $80 million contract with the city of duluth, to construct a new city hall. mainline expects to construct the building within two years and incur expenses of $60 million. the city of duluth paid $20 million when the contract was signed, $40 million within the next six months, and the final $20 million exactly one year from the signing of the contract. mainline incurred $24 million in costs during 2012 and rest in 2013 to complete the contract on time. using the percentage-of-completion method how much revenue should mainline recognize in 2012?