On June 15, 2016, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $320 million. The expected completion date is April 1, 2018, just in time for the 2018 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions):

Cost incurred 2016,2017,2018 (in millions) = 80,40,90

Estimated costs to complete as of Dec 31= 120, 80, --

2016 Recognized Recognized To date in prior n 2016 years 01 Construction revenue Construction expense Gross profit (loss) 2017 Recognized Recognized To date in prior in 2017 years 01 Construction revenue Construction expense Gross profit (loss) 2018 Recognized Recognized in prior in 2018 To date years 0 Construction revenue Construction expense 01 Gross profit (loss) 2. Compute the amount of revenue and gross profit or loss to be recognized in 2016, 2017, and 2018 using the completed contract method. (Enter your answers in millions.) Gross Profit Revenue (Loss) Year recognized recognized 2016 120 million 0 million million million 2017 2018 million million 3. Suppose the estimated costs to complete at the end of 2017 are $120 million instead of $80 million. Compute the amount of revenue and gross profit or loss to be recognized in 2017 using the percentage of completion method. (Do not round intermediate calculations. Enter your answer in millions. Round your answers to 1 decimal place.) 2017 Estimated total gross profit OSS