During 2016 Pierson Company started a construction job with a contract price of $100,000. In the first year, the firm spent 45,000 and on 12/31/2016 the firm estimated that it would need to spend an additional 45,00 to complete the project. During the year the firm billed the client for 40,000 and collected 35,000. What is the revenue that the firm will report on the 2016 income statement?