5 AS: Exercises and Problems (Connect) w sleep soon unless plugged Help Save & Exit Check my work 10 On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, p.c. for $390 million. The expected completion date is April 1, 2023, just in time for the 2023 baseball season. Costs incurred and Estimated costs to complete at year-end for the life of the contract are as follows (in millions) Estimated costs to complete as of December 31 Costs incurred during the year ped eBook P Required: 2021 2022 2023 $60 $130 $70 190 60 1. Compute the revenue and gross profit wil Sanderson report in its 2021, 2022, and 2023 income statements related to this contract assuming Sanderson recognizes revenue over time according to percentage of completion. 2. Compute the revenue and gross profit will Sanderson report in its 2021, 2022, and 2023 income statements related to this coact assuming this project does not qualify for revenue recognition over time. 3. Suppose the estimated costs to complete at the end of 2022 are $190 milion instead of $60 million. Compute the amount of revenue and gross profit or loss to be recognized in 2022 assuming Sanderson recognizes revenue over time according to percentage of completion. Complete this question by entering your answers in the tabs below. Required I Required 2 Required 3 3216 0003 Compute the revenue and gross profit will Sanderson report in its 2021, 2022, and 2023 income statements related to this contract assuming Sanderson recognizes revenue over time according to percentage of completion. (Enter your answers in milions Loss amounts should be indicated with a minus sign. Use percentages as calculated and rounded in the table below to arrive at your final answer) Percentages of completion Choose numerator Choose denominator 00.17 14.13 PM