On June 15, 2016, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $420 million. The expected completion date is April 1, 2018, just in time for the 2018 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions):

	2016			2017			2018
Costs incurred during the year	$	50		$	150		$	60
Estimated costs to complete as of December 31		200			120

(please show work)

Part 1)

Compute the revenue and gross profit will Sanderson report in its 2016, 2017, and 2018 income statements related to this contract assuming Sanderson recognizes revenue over time according to percentage of completion (include estimated total gross profit, actual total gross profit, as well ass percentages of completion)

Part2)

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.)

Part 3)

Suppose the estimated costs to complete at the end of 2017 are $200 million instead of $120 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.) (include estimated total gross profit)