Balfour Beatty won the contract to build the Aquatics Center for the 2020 Olympics. Assume the following about this long-term contract:

The Olympic Development Authority agreed to pay Balfour Beatty 400 million for this construction, which is expected to be completed on Dec 31, 2019. Balfour Beatty estimates the total cost to be 240 million. The Olympic Development Authority will make the following cash payments to Balfour Beatty: 100 million in 2016, 100 million in 2017, 100 million in 2018, and 100 million in 2019. Balfour Beatty started to work on the contract on January 1, 2016 (first day of its 2016 fiscal year) and it incurred 80 million of actual costs in 2016 and 60 million of actual costs in 2017. Before Balfour Beatty recognized revenue for 2017, it revised its total cost estimate to 260 million, but the actual costs for 2018 and 2019 eventually amounted to 130 million. The contract was completed at the end of 2019 as scheduled. Balfour Beatty uses the percentage-of-completion method to recognize revenues from long-term contracts. Ignore taxes.

1. How much revenue can Balfour Beatty recognize from the Olympic Aquatics Center contract in 2016?

2. How much revenue can Balfour Beatty recognize from the Olympic Aquatics Center contract in 2017?

3. How much revenue can Balfour Beatty recognize from the Olympic Aquatics Center contract in total?

4. Had Balfour Beatty used the completed contract method (instead of the percentage-of-completion method as stated in the earlier instructions), how much more (or less) total net income (ignoring taxes) would it have reported over the whole contract period?