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 $1,500 million is to be paid as follows: $500 million at the time of signing; $500 million on December 31, 2016; and $500 million at completion in May 2017. General Electric incurred the following costs in constructing the generator: $480 million in 2016 and $720 million in 2017.
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.