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On June 15, 2018, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $330 million. The expected completion date is April 1, 2020, just in time for the 2020 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): 2018 $ 50 150 Costs incurred during the year Estimated costs to complete as of December 31 2019 $100 90 2020 $60 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 its 2018, 2019, and 2020 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 2019 are $150 million instead of $90 million. Compute the amount of revenue and gross profit or loss to be recognized in 2019 using the percentage of completion method. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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 com ion. (Enter your answers in millions. Loss amounts should be indicated with a minus sign. Use percentages as calculated and rounded in the table below to arrive at your final answer.) % complete to date Percentages of completion Choose Choose numerator denominator Actual costs to Estimated total date costs IS 50 $ 200 2018 25.00% 2019 $ 150 $ 240 62.50% 2020 100.00% 2018 Recognized in prior years To date Recognized in 2018 $ 0 $ 0 Construction revenue Construction expense Gross profit (loss) $ 50 $ $ 50 $ $ 0 2019 Recognized in prior years To date Recognized in 2019 $ 0 Construction revenue Construction expense Gross profit (loss) $ 150 $ 150 $ 0 2020 Recognized in prior years To date Recognized in 2020 $ 0 Construction revenue Construction expense Gross profit (loss) $ 0 $ 0 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the revenue and gross profit will Sanderson report in its 2018, 2019, and 2020 income statements related to this contract assuming this project does not qualify for revenue recognition over time. (Enter your answers in millions. Loss amounts should be indicated with a minus sign.) Year Revenue recognized million Gross Profit (Loss) recognized million 2018 2019 million million 2020 million million Required 1 Required 2 Required 3 Suppose the estimated costs to complete at the end of 2019 are $150 million instead of $90 million. Compute the amount of 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.) Percentages of completion Choose Choose numerator denominator % complete to date 2019 0 2019 Recognized in prior Years To date Recognized in 2019 $ 0 Construction revenue Construction expense Gross profit (loss) $ 0 $ 0