On December 31, 2017, Tri-State Construction Inc. signs a contract with the state of West Virginia Department of Transportation to manufacture a bridge over the New River. State anticipates the construction will take three years. The company's accountants provide the following contract details relating to the project: Contract Price Estimated Constuction Costs Estimated Total Profit $780 million $600 million $180 million During the three-year construction period, Tri-State incurred costs as follows: 2018 $60 million 2019 $360 million 2020 $180 million Compute the revenue recognized, construction costs expensed, and income earned for each year using the cost-to-cost method. 2018 2019 2020 Construction Costs Incurred Percentage to Total Costs Revenue Recognized Income Earned