Help Save & Exit Subm Chapter 05 Pre-Bult Problems Check my work 7 entered into a long-term construction contract to build a baseball stadlum in Washington, On June 15, 2018, Sanderson Construction D.C., for $400 milion. estimated costs to complete at year-end for the life of the contract are as follows (S in The expected completion date Is April 1, 2020, just in time for the 2020 baseball season. Costs incurred and 10 points 2018 2019 2020 Costa ineurred during the year Estinated costs to complete as of Decenber 31 90 $60 $80 150 50 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 ts 2018, 2019, and 2020 income statements related to this contract assuming this project does not qualify for revenue recognition over time. Hint ts to complete at the end of 2019 are $150 million instead of $50 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 equired 1 Required 2 Required 3 Suppose the estimated costs to complete at the end of 2019 are tso millon instead of 50 million. Compute the amount or 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.) Choose numerator choose denominator-| % oomplete to date 2019