On June 15, 2024, Sanderson Construction entered into a long-term construction contract to bulld a baseball stadium in Washington, D.C., for $420 million. The expected completion date is April 1, 2026, just in time for the 2026 baseball season. 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 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 this 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 $200 million instead of $120 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. 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 ne (eue over time according to percentage of completion. Note: Enter your answer in milions (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 of yo fipal answer. Exercise 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 contract to bulld a baseball stadium in Washington. D.C., for $420 million. The expected completion date is April 1, 2026, just in time for the 2026 baseball season. 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 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 this 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 $200 million instead of $120 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 compietion. Complete this question by entering your answers low, 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. Exercise 6-20 (Algo) Long-term contract; revenue recognition over time vs. upon project completion [LO69] On June 15, 2024, Sanderson Construction entered into a long-term construction contract to bulid a baseball stadium in Washington. D. C. for $420 milition. The expected completion date is April 1, 2026, just in time for the 2026 baseball season. 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 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 this 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 $200 million instead of $120 milition. 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. Complete this question by entering your answers in the tabs below. Suppose the estimated costs to complete at the end of 325 are $200 million instead of $120 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 covipietion. 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