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 completion. (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.) Percentages of completion Choose numerator | + Choose denominator = % complete to date 2018 2019 2020 100.00% 2018 Recognized in prior years To date Recognized in 2018 Construction revenue Construction expense Gross profit (loss) 2019 Recognized in prior years To date Recognized in 2019 Construction revenue Construction expense Gross profit (loss) 2020 Recognized in prior years To date Recognized in 2020 Construction revenue Construction expense Gross profit (loss) 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 2020 million million million million ( Required 1 Required 3 > Required 1 Required 2 Required 3 Suppose the estimated costs to complete at the end of 2019 are $110 million instead of $60 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 numerator + Choose denominator = % complete to date 2019 2019 Recognized in prior Years To date Recognized in 2019 Construction revenue Construction expense Gross profit (loss)