Exerclse 6-20 (Algo) Long-term contract; revenue recognltion over time vs. upon project completlon [LO6.9] On June 15, 2024, Sanderson Construction entered into a long-term construction contract to build a basebsll stadium in Washington, D.C., for $320 million. The expected completion date is April 1, 2026, just in time for the 2026 basebsll seoson. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ( $ in millions): 1. Compute the revenue and gross profit that Sanderson will report in its 2024, 2025, and 2026 income statements related to this contrect, assuming Senderson recognizes revenue over time according to percentage of completion. 2 Compute the revenue and gross profit that Senderson will report in its 2024, 2025, and 2026 income statements related to this contract, sssuming this project does not qualify for revenue recognition over time. 3 . Suppose the estimated costs to complete at the end of 2025 are $120 million instesd of $80 million. Compute the amount of revenue and gross profit or loss to be recognized in 2025, assuming Sanderson recognizes revenue over time according to percentege of completion. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Compute the revenue and gross profit that Sanderson will report in its 2024, 2025, and 2026 income statements related to this contract, assuming Sanderson recognizes revenue over time according to percentage of completion. Note: Enter your answer in millions (i.e., $4,000,000 should be entered as $4 ). 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. Exerclse 6-20 (Algo) Long-term contract; revenue recognition over time vs. upon project completion [LO6-9] On June 15,2024 , Sanderson Construction entered into a long-term construction controct to build a boseball stadium in Washington D.C., for $320 million. The expected completion dote is April 1, 2026, just in time for the 2026 bosebsll seoson. Costs incurred and estimeted costs to complete at year-end for the life of the controct are as follows (S in millions): 1. Compute the revenue and gross profit that Sanderson will report in its 2024,2025 , and 2026 income statements related to thi contract, assuming Senderson recognizes revenue over time according to percentage of completion. 2 Compute the revenue and gross profit that Senderson will report in its 2024,2025 , and 2026 income statements related to thi contract, sssuming this project does not qualify for revenue recognition over time. 3. Suppose the estimated costs to complete ot the end of 2025 are $120 million instesd of $80 million. Compute the amount of revenue and gross profit or loss to be recognized in 2025 , assuming Sanderson recognizes revenue over time according to percentege of completion. (x) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Compute the revenue and gross profit that Sanderson will report in its 2024, 2025, and 2026 income statements related to this contract, assuming this project does not qualify for revenue recognition over time. Note: Enter your answer in millions (i.e., $4,000,000 should be entered as \$4). Loss amounts should be indicated with a minus sign. Leave no cells blank. Exerclse 6-20 (Algo) Long-term contract; revenue recognltlon over tlme vs. upon project completlon [LO6-91] On June 15, 2024, Sonderson Construction entered into a long-term construction controct to build a bssebsll stadium in Washington, D.C., for $320 million. The expected completion date is April 1, 2026, just in time for the 2026 bosebsll sesson. Costs incurred and eatimated costs to complete at year-end for the life of the contract are sa follows ( 5 in millions): 1. Compute the revenue and gross profit that Sanderson will report in its 2024,2025 , and 2026 income statements related to thi contract, assuming Sanderson recognizes revenue over time according to percentage of completion. 2 Compute the revenue and gross profit that Sanderson will report in its 2024, 2025, and 2026 income statements related to thi contract, assuming this project does not qualify for revenue recognition over time. 3. Suppose the estimated costs to complete at the end of 2025 are $120 million instedd of $80 million. Compute the smount of revenue and gross profit or loss to be recognized in 2025 , assuming Sanderson recognizes revenue over time according to percentege of completion. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Suppose the estimated costs to complete at the end of 2025 are $120 million instead of $80 million. Compute the amount of revenue and gross profit or loss to be recognized in 2025, assuming Sanderson recognizes revenue over time according to percentage of completion. Note: Enter your answer in millions (i.e., $4,000,000 should be entered as \$4). Use percentages as calculated and rounded in the table below to arrive at your final answer. Loss amounts should be indicated with a minus sign