Constructing and Assessing Income Statements Using Percentage-of Completion On March 15, 2014, Frankel Construction contracted to build a shopping center at a contract price of $125 million. The schedule of expected (which equals actual) cash collection and contract costs follow ($ millions):

Year	Cash Collections	Cost Incurred
2014	$ 30	$ 20
2015	50	45
2016	45	35
Total	$ 125	$ 100

(a) Calculate the amount of revenue, expense, and net income for each of the three years 2014 through 2016 using the percentage-of-completion revenue recognition method. (Round answers to the nearest whole number.)

Percentage of Completion Method
Year	Costs incurred	Percent of total expected costs	Revenue recognized	Income
2014	$Answer	Answer%	$Answer	$Answer
2015	Answer	Answer%	Answer	Answer
2016	Answer	Answer%	Answer	Answer
	$100		$125	$25