Compute the revenue and gross profit will Sanderson report in its income statements related to this contract assuming Sanderson recognizes revenue over time according to percentage of completion

On June 15, 2018, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C, for $350 million. The expected completion date is April 1, 2020, just in time for the 2020 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in milions) Costs incurred during the year Estimated costs to complete as of December 31 2018 2019 2020 30 $140 $40 170 80 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 $170 million instead of $80 million. Compute the amount of revenue and gross profit or loss to be recognized in 2019 using the percentage of completion method. CE Complete this question by entering your answers in the tabs below Required Required Required Compute the revenue and gross profit will Sanderson report in its 2018, 2019, and 2020 income statements related to this contract assuming Sanderson time according to percentage of completion. (Enter your a should be indicated with a minus sign. Use percentages as calculated and rounded in the table below to arrive at your final answer.) recognizes revenue over nswers in millions. Loss amounts show less ? Choose % complete to date numerator = Actual costs to Estimated total date costs 2018 2019 2020 15.00% 100 00% To date : Recognized in prior Recognized in 2018 Gross profit (loss) To date Recognized in prior Recognized in Construction 2019 Gross prof