5 Partially correct Marked out of 12.50 Flag question 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 $1,200 million. The contract price of $1,500 million is to be paid as follows: $500 million at the time of signing; $500 million on December 31, 2016; and $500 million at completion in May 2017. General Electric incurred the following costs in constructing the generator: $480 million in 2016 and $720 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. Enter dollar amounts in millions. Cost-to-Cost Method % of total Costs excepted Revenue Year incurred costs recognized Income 2016 $ 144 40% $ 180 $ 36 2017 216 60% 270 54 Total $ 360 $ 450 $ 90 Check