Question 1 Partially correct Mark 2.00 out of 11.00 Flag question eBook = Print Constructing and Assessing Income Statements Using Cost-to-Cost Method Assume General Electric Company agreed in May 2016 to construct a nuclear generator for NSTAR, a utility company serving the Boston area. General Electric Company estimated that its construction costs would be $960 million. The contract price of $1,200 million is to be paid as follows: $400 million at the time of signing; $400 million on December 31, 2016; and $400 million at completion in May 2017. General Electric incurred the following costs in constructing the generator: $384 million in 2016 and $576 million in 2017. a. Compute the amount of General Electric's revenue, expense, and income for both 2016 and 2017, and for both years combined, under the cost-to-cost revenue recognition method. Support Enter dollar amounts in millions. Cost-to-Cost Method % of total Costs excepted Revenue Year incurred costs recognized Income 2016 .$ 336 x 40 % $ 420 % $ 84 x 2017 504 x 60 % 630 % 126 x Total $ 1,200 x 1,050 x $ 210 x Check 253 PM 10/15/2020 9