Revenue Recognition at a Point in Time versus Revenue Recognition Over Time The Markert Company won a contract to build a shopping center at a price of $300 million. The following schedule details the estimated and actual costs of construction and the actual cash collections under the contract:

	Estimated (Actual) Costs of Construction	Cash Collections From Customer
Year 1	$40,000,000	$60,000,000
Year 2	60,000,000	75,000,000
Year 3	70,000,000	75,000,000
Year 4	30,000,000	90,000,000
	$200,000,000	$300,000,000

Required 1. Prepare an income statement for the Markert Company for each year assuming that the company recognizes revenue at a point in time.

	Year 1	Year 2	Year 3	Year 4	Total
Revenues
Less: Expenses
Net Income