Revenue Recognition at a Point in Time versus Revenue Recognition Over Time The Miller Company won a contract to build a shopping center at a price of $960 million. The following schedule details the estimated and actual costs of construction and the under the contract: Estimated (Actual) Costs Cash Collections of Construction From Customer Year 1 560.000.000 172.000.000 Year 2 50,000,000 90.000.000 (Year 3 105,000,000 90.000.000 Year 1 45.000.000 101.000.000 5300,000,000 3360,000.000 Required 1. Prepare an income statement for the Miller Company for each year assuming that the company recognizes revenue under the completed contact method. Enter all answers Enter all zeros in your answers Year 1 Year 2 Year 3 Year 4 Total Hevenues vs 72.000.000 x 590.000.000 S 90.000.000 108.000,00 X 10,000.00 Les Expenses 60,000,000 X 90.000.000 105.000.000 45.000.000 300,000,000 Ne income = 312.000.000 KS OS 15.000.000 63.000.000 X 1 6.000.000 2. Prepare an income statement for the Miller Company for each year assuming that the company recognizes revenue under the percentage of completion method. Enter all answe numbers Enter all reros in your answers Required 1. Prepare an income statement for the Miller Company for each year with the company recoger under the commuter Enter alleros in your awer Teart Tel es TL000.000 200 1.000 700D 1.000.000 COM Yen TO 2. Prepare an income statement for me Miller Company for each year the company recommendera.com number. En all ros in your answers Year nes 1 BON pes + 0.000000 OM +2.000.000 income rowhanced wat