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General Electric Company estimated that its construction costs would be $1,200 million. The contract price...

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Accounting

General Electric Company estimated that its construction costs would be $1,200 million. The contract price of $1,500 million is to be paid as follows: $500 million at the time of signing; $500 million on December 31, 2016; and $500 million at completion in May 2017. General Electric incurred the following costs in constructing the generator: $480 million in 2016 and $720 million in 2017. a. Compute the amount of General Electric's revenue, expense, and income for both 2016 and 2017, and for both years combined, under the cost-to-cost revenue recognition method. Enter dollar amounts in millions

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