Constructing and Assessing Income Statements Using Cost$-$to$-$Cost Method

On March $15,2012,$ Frankel Construction contracted to build a shopping center at a contract price of $$120$ million. The schedule of expected $($which equals actual$)$ cash

collections and contract costs follow $($$ millions$)$:

$($a$)$ Calculate the amount of revenue, expense, and net income for each of the three years $2012$ through $2014$ using the cost$-$to$-$cost method.

Rounding instructions: Round percentages to the nearest whole number. Use rounded percentages for remaining calculations. Round revenue and income to the

nearest whole number.

Enter $ answers in millions.