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Constructing and Assessing Income Statements Using Cost-to-Cost Method On March 15,2012, Frankel Construction...

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Accounting

Constructing and Assessing Income Statements Using Cost-to-Cost Method
On March 15,2012, Frankel Construction contracted to build a shopping center at a contract price of $120 million. The schedule of expected (which equals actual) cash
collections and contract costs follow ($ millions):
(a) Calculate the amount of revenue, expense, and net income for each of the three years 2012 through 2014 using the cost-to-cost method.
Rounding instructions: Round percentages to the nearest whole number. Use rounded percentages for remaining calculations. Round revenue and income to the
nearest whole number.
Enter $ answers in millions.
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