E5-34 complete part A and B

E5-35 complete part A, B, and C

LO1 E5-34. Constructing and Assessing Income Statements Using Cost-to-Cost Method On March 15, 2017, Gilbert Construction contracted to build a shopping center at a contract price of $20 million. The schedule of expected (which equals actual) cash collections and contract costs follows. MBC Year Cash Collections Cost Incurred million 2018. 88 million 2019. 77 million 36 million 81 million 63 million $180 million a. Calculate the amount of revenue, expense, and net income for each of the three years 2017 through 2019, and for all three years combined, using the cost-to-cost revenue recognition method. b. Discuss whether or not the cost-to-cost method provides a good measure of this construction com pany's performance under the contract. L04 E5-35. Foreign Currencv Impact