3 P5.23 Revenue Recognition at a Point in Time versus Revenue Recognition Over Time. The Markert Com- pany won a contract to build a shopping center at a price of $300 million. The following schedule details the estimated and actual costs of construction and the actual cash collections under the contract: Year 1 Year 2 Year 3 Year 4. Estimated (Actual) Costs of Construction $ 40,000,000 60,000,000 70,000,000 30,000,000 $200,000,000 Cash Collections from Customer $ 60,000,000 75,000,000 75,000,000 90,000,000 $300,000,000 Required 1. Prepare an income statement for the Markert Company for each year assuming that the company recognizes revenue at a point in time. 2. Prepare an income statement for the Markert Company for each year assuming that the company recognizes revenue over time. 3. Which set of income statements best reflects the actual performance of the Markert Company? Why