Constructing and Assessing Income Statements Using Percentage of Completion On March 15, 2017, Frankel Construction is contracted to build a shopping center at a contract price of $120 million. The schedule of expected (equals actual) cash collections and contract costs follows Year Cash Collections Cost Incurred 2017 2018 2019 $30 million 15 million 50 million40 mlion 40 million 30 million Total $120 million 85 million Calculate the amount of revenue, expense, and income for each of the three years 2017 through 2019 using (1) the percentage-of-completion method, and (2) the completed contract method. (Round your answers to the nearest million dollar.) (1) Percentage-of-Completion Method 2017 Revenue$ 17 X million Expense $ 5 million ncome $ 5 X million (2) Completed Contract Method 2017 Revenue$ million Expense 0million Income million 2018 Revenue$ million Expense million Income$ million 2019 Revenue $ 0 Xmillion Expense 0 million Income 0 x million