Seaboard Contractors participates in the construction of small ships under long-term contracts. During 19X7 Seaboard began three projects that progressed according to the following schedule during 19X7, 19X8, and 19X9:

\section*{Required}
1. Assume that Seaboard Contractors uses the completed-contract method for construction revenue. Compute the company's construction revenue and income to be reported in \(19 \mathrm{X} 7\), 19X8, and 19X9.
2. Compute Seaboard Contractor's construction revenue and income to be reported in the three years by the percentage-of-completion method.

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Total 19X7 19X8 19X9 Contract Project Cost % Completed Project Price Cost for Year during Year Cost for Year % Completed Cost during Year for Year % Completed during Year 123 $2,100,000 $1,200,000 $ 500,000 42% $ 700,000 58% 1,200,000 740,000 7,400,000 6,300,000 740,000 1,260,000 100 20 $2,205,000 35 $2,835,000 45%