Great Lakes Bridge Company constructs bridges under long-term contracts. During 19X5, Great Lakes began three projects that progressed according to the following schedule during 19X5, 19X6, and 19X7.

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1. Assume that Great Lakes Bridge Company uses the completed-contract method for construction revenue. Compute the company's construction revenue and income to be reported in \(19 \mathrm{X} 5,19 \mathrm{X} 6\), and \(19 \times 7\).
2. Compute Great Lakes's construction revenue and income to be reported in the three years if the company uses the percentage-of-completion method.

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19X5 19X6 19X7 Total Contract Project Cost % Completed Project Price Cost for Year during Year Cost for Year % Completed Cost during Year for Year % Completed during Year $2,400,000 $1,600,000 $1,600,000 100% 2 23 3,100,000 2,200,000 528,000 24 $1,672,000 1,900,000 1,400,000 280,000 20 840,000 76% 60 $280,000 20%