Assume that Beta Inc. entered into an agreement to build a ship for $1,000 million and...

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Assume that Beta Inc. entered into an agreement to build a ship for $1,000 million and a reliable estimate of the project's total cost is $800 million. Project costs incurred by beta Inc. are as follows: Project Costs Year 2014 2015 2016 Total Cost incurred $400 million $300 million $100 million $800 million Determine Beta's net income from this project for each year using percentage-of- completion and completed contract methods. Also, show the yearly revenues and expenses. Assume that Beta Inc. entered into an agreement to build a ship for $1,000 million and a reliable estimate of the project's total cost is $800 million. Project costs incurred by beta Inc. are as follows: Project Costs Year 2014 2015 2016 Total Cost incurred $400 million $300 million $100 million $800 million Determine Beta's net income from this project for each year using percentage-of- completion and completed contract methods. Also, show the yearly revenues and expenses.