answer each step
signments 6 and 7 6 Saved Help On June 15, 2018, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $330 million. The expected completion date is April 1, 2020, just in time for the 2020 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): Costs incurred during the year Estimated costs to complete as of December 31 2018 2019 2020 $ 50 $100 $60 150 90 Required: 1. Compute the revenue and gross profit will Sanderson report in its 2018, 2019, and 2020 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 2018, 2019, and 2020 income statements related to this contract assuming this project does not qualify for revenue recognition over time. 3. Suppose the estimated costs to complete at the end of 2019 are $150 million instead of $90 million. Compute the amount of revenue and gross profit or loss to be recognized in 2019 using the percentage of completion method. Assignments 6 and 7 6 Saved Required 1 Required 2 Required 3 Compute the revenue and gross profit will Sanderson report in its 2018, 2019, and 2020 income statements related to this contract assuming Sanderson recognizes revenue over time according to percentage of completion. (Enter your answers in millions. 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 % complete to date 0 2018 2019 2020 0 100.00% 2018 Recognized in prior years To date 0 Construction revenue Construction expense Gross profit (los) Recognized in 2018 $ s $ nces 2010 Recognized in prior years To date Construction revenue Construction expense Gross proft (los) Recognized in 2019 $ $ $ 0 2020 To date Recognized in prior years Construction revenue Construction expense Gross profit oss Recognized in 2020 5 0 $ $ Required 2 MacBook Air 30 999 FI F2 4 FS A # 3 $ 4 % 5 & 7 2 6 8 9 Saved - Assignments 6 and 7 6 On June 15, 2018, Sanderson Construction entered into a long-term construction contract to build a baseball sta D.C., for $330 million. The expected completion date is April 1, 2020, just in time for the 2020 baseball season estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): Costs incurred during the year Estimated conte to complete as of December 31 2018 2019 2020 $ 50 $100 $60 150 90 Required: 1. Compute the revenue and gross profit will Sanderson report in its 2018, 2019 and 2020 income statements rela assuming Sanderson recognizes revenue over time according to percentage of completion 2. Compute the revenue and gross profit will Sanderson report in its 2018, 2019, and 2020 income statements rele assuming this project does not qualify for revenue recognition over time. 3. Suppose the estimated costs to complete at the end of 2019 are $150 million instead of $90 million Compute the revenue and gross profit or loss to be recognized in 2019 using the percentage of completion method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the revenue and gross profit will Sanderson report in its 2018, 2019, and 2020 income statements related to the contract assuming this project does not qualify for revenue recognition over time. (Enter your answers in millions. Loss amounts should be indicated with a minus sign.) Year Revenue Gross Profit (Loss) recognized recognized 2018 million million 2019 million million 2020 million million MacBook Air Required: 1. Compute the revenue and gross profit will Sanderson report in its 2018, 2019, and 2020 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 2018, 2019, and 2020 income statements related to this contract assuming this project does not qualify for revenue recognition over time. 3. Suppose the estimated costs to complete at the end of 2019 are $150 million instead of $90 million. Compute the amount of revenue and gross profit or loss to be recognized in 2019 using the percentage of completion method. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Suppose the estimated costs to complete at the end of 2019 are $150 million instead of $90 million. Compute the amount of revenue and gross profit or loss to be recognized in 2019 using the percentage of completion method. (Enter your answers in millions. Use percentages as calculated and rounded in the table below to arrive at your final answer.) Percentages of completion Choose numerator Choose denominator % complete to date 0 2019 To date Construction revenue Construction expense Gross profit (loss) 2019 Recognized in prior Years Recognized in 2019 $ 0 $ 0 $ 0 MacBook Air 4 79 F7 58 co 80 F3 F4 FI
