2013 loss 2018 $200 M Pereentage of Completion Contract Method 20184200M Garvin's Construction has a contract to build a state of the art Oil Refinery. This will be the first refinery built in the U.S. in many years, and is being built by a consortium of several major oil companies. The contract cost is $10 billion and is expected to take 3 years to complete. Here are some of the relevant facts (All numbers in the table are in millions): 2016 Contract price: $40,000 X 7,50 2016 5.0 $0 -8.050 ! 2017 2018 Construction costs incurred in the 450 current year: $ 500 $6,000 $2,500 Estimated costs to complete the woo contract at end of the year. $7,500 $ 4,200 Billings on the contract in the current year. 25% $ 450 $5,000 $3,400 | Dollars collected on billings in the current year. $ 400 $ 4.800 15:200 - 41000 10,400 Calculate revenues for each year (2016, 2017, and 2018) using the percentage-of-completion contract method. Calculate profit or loss for each year