Installment and cost recovery methods of income recognition. During the year ended December 31, 2007. Boeing sold a jet to the chief executive officer (CEO) of a local bank for $72 million; assume that manufacturer’s cost to produce the jet was $57 million. The CEO agreed to pay Boeing $24 million per year, for three years, with the first payment made on December 31. 2007. Compute revenue, expense, and income before income taxes for each of the three years using the installment method and the cost recovery method.