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Assume General Electric Company agreed in May 2020 to construct a nuclear generator for NSTAR, a utility company serving the Boston area. The contract
Assume General Electric Company agreed in May 2020 to construct a nuclear generator for NSTAR, a utility company serving the Boston area. The contract price of $750 million. General Electric incurred the following costs in constructing the generator: $240 million in 2020 and $360 million in 2021. Compute the amount of General Electric's revenue, expense, and income for both 2020 and 2021, and for both years combined, under the cost-to-cost revenue recognition method. Show all of your calculation work. Make sure to show all of your calculation work. Year Revenue 2020 Expense Income 2021 Total
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