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. The contract price of $1,050 million is to be paid as follows: $350 million at the time of signing; $350 million on December 31, 2016; and $350 million at completion in May 2017. General Electric incurred the following costs in constructing the generator: $336 million in 2016 and $504 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
Year	Costs incurred	% of total excepted costs	Revenue recognized	Income
2016	Answer	Answer	Answer	Answer
2017	Answer	Answer	Answer	Answer
Total	Answer		Answer	Answer

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