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Constructing and Assessing Income Statements Using Percentage of Completion Assume that General Electric Company agreed in February 2019 to construct an electricity generating facility for Eversource Energy, a utility serving the Boston area. The contract price of $1,000 million is to be paid as follows: $400 million at the time of signing; $200 million on December 31, 2019; and $400 million at completion in May 2020. General Electric incurred the following costs in constructing the power plant: $200 million in 2019, and $600 million in 2020. The construction of the power generating facility is considered to be a single performance obligation. a. Compute the amount of General Electric's revenue, expense, and income for both 2019 and 2020 assuming that its performance obligation is fulfilled over time and that the costs it incurs are reflective of the value conveyed to Eversource. Enter answers in millions. Do not use negative signs with answers. 2019 2020 $ Revenue 0 $ 0 $ Expense 0 $ 0 $ Gross Profit $ 0 0 b. Compute the amount of Ge's revenue, expense, and income for both 2019 and 2020 assuming that its performance obligation to construct the facility is fulfilled at a point in time (at the completion of construction) Enter answers in millions. Do not use negative signs with answers. Revenue Expense Gross Profit 2019 2020 $ 0 $ 0 $ 0 $ 0 $ 0 $ - 0 0|0|

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