On June 15, 2013, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington D.C. for $360 million. The expected completion date is April 1 of 2015, just in time for the 2015 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): 2013 2014 2015 Costs incurred during the year $ 60 $ 120 $ 70 Estimated costs to complete as of 12/31 180 70 Required: 1. Determine the amount of gross profit or loss to be recognized in each of the three years using the percentage-of-completion method.