Please need this asap
Compute the revenue and gross prolit 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. 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. Use? percentages as calculated and rounded in the table below to arrive at your final 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 build a baseball stadium in Washington. D.C. for $320 milition. The expected completion dafe is Apail 1, 2026, just in time for the 2026 baseball season. Costs incurred and estimated costs to complete at yeat-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 retated 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 is 2024,2025 , and 2026 income statements ralated to fhis contract, assuming this project does not qualify for revenue recognition over time. 3. Sippose the estimated costs to complete at thie end ot 2025 are $120 mition instead of $80 million. Compute the amount of revenue and gross profit of lass to be recognized in 2025, assuming Sanderspn recognizes revenue over time according to percentage of completion. Complete this question by entering your answers in the tabs belaw. Compute the revenue and gross jooft that Sanderson will report in its 2024, 2025, and 2026 insome satements felated fo this centract, nssuming Sanderson recognizes rewenue gwer time accotding to percentage of completion. percentages is calctulated and rounded in the tabie below to imrive ot wour finat answer. Compute the revenue and gross profit that Sanderson will report in its 2024, 2025, and 2026 income statements 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 indlcated minus sign. Leave no cells blank. 3. Suppose the estimated costs to complete at the end of 2025 are $120 million instead of $80 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. Suppose the estimated costs to complete at the end of 2025 are $120 million instead of $80 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. Note: Enter your answer in millions (1.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
