Constructing and Assessing Income Statements Using Cost-to-Cost Method Gilbert Construction contracted to build a shopping center at a contract price of $1,100 million. The schedule of expected (which equals actual) cash collections and contract costs follows. Year Cash Collections Cost Incurred Year 1 $275 million $180 million Year 2 440 million 405 million Year 3 385 million 315 million Total $1,100 million $900 million a. Calculate the amount of revenue, expense, and net income for each of the three years, and for all three years combined, using the cost-to-cost revenue recognition method. Note: Do not use a negative sign. Note: Round answers to the nearest whole number, if applicable. ($ millions) Year 1 Year 2 Year 3 Total Revenue Answer 1 0 Answer 2 0 Answer 3 0 Answer 4 0 Expense Answer 5 0 Answer 6 0 Answer 7 0 Answer 8 0 Income 0 0 0 0 b. Discuss whether or not the cost-to-cost method provides a good measure of this construction company's performance under the contract. The cost-to-cost method normally provides a Answer 9 estimate of the revenues, expenses, and income earned for each period