Saved On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a basebal stadium in Washington, D.C.for $330 million. The expected completion date is April 1, 2023.just in time for the 2023 baseball season Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): Costs incurred during the year Estimated costs to complete as of December 31 2021 2022 2023 $ 90 G7005 160 40 Required: 1. Compute the revenue and gross profit will Sanderson report in its 2021 2022 and 2023 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 2021 2022 and 2023 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 2022 are $160 million instead of $40 million Compute the amount of revenue and gross profit or loss to be recognized in 2022 assuming Sar son recognizes revenue over time according to percentage of completion 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 2021, 2022, and 2023 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) - % complete to date 2021 2022 2023 Percentages of completion Choose numerator Choose denominator Estimated costs to complete Estimated total costs $ 90 $ 5 160 5 $ 205 $ 2021 To date Recognized in prior years $ 200 200 = 205 45.00% 80.00% 100.00% Recognized in 2021 0 Construction even Construction expense Gross proft Oos) $ S $ 0 $ os 0 Sved Compute the revenue and gross profit will Sanderson report in its 2021 2022, and 2023 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.) % complete to date 2021 2022 2023 Percentages of completion Choose numerator Choose denominator Estimated costs to complete Estimated total costs $ 90 - $ 5 1601 - $ 5 205 5 2021 To date Recognized in prior years 5 200 2001 - 205 45.00% 8000% 100.00% Recognized in 2021 $ 0 Construction revenue Construction expense Gross proft (loss) 0 S 05 0 5 To date 2022 Recognized in prior years Recognized in 2022 0 Construction revenue Construction expense Gross profit (loss) $ $ $ 0 0 To date 2023 Recognized in prior years Recognized in 2023 $ 0 Construction revenue Construction expense Gross profit (oss) 0 $ $ 0 Required 2 > Sad Ch 6 HW 4 On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, DC, for $330 million. The expected completion date is April 1, 2023, just in time for the 2023 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions) 1 points Coats incurred during the year Estimated costs to complete as of December 31 2021 2022 2023 $90 670 $45 160 40 eBook Required: 1. Compute the revenue and gross profit will Sanderson report in its 2021, 2022 and 2023 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 2021 2022 and 2023 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 2022 are $160 million instead of $40 million. Compute the amount of revenue and gross profit or loss to be recognized in 2022 assuming Sanderson recognizes revenue over time according to percentage of completion Hint Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Required 3 Compute the revenue and gross profit wil Sanderson report in its 2021, 2022, and 2023 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 2021 2022 2023 Revenue recognized million million million Gross Profit (Loss recognized million million million G mheducation.com Saved 5 HW 4 On June 15, 2021. Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington D.C., for $330 million. The expected completion date is April 1, 2023, just in time for the 2023 baseball season Costs incurred and estimated costs to complete at year end for the life of the contract are as follows ($ in millions): 2021 2022 2023 Coata incurred during the year $ 90 $70 $15 Estimated contato complete as of December 31 160 40 its look Required: 1. Compute the revenue and gross profit will Sanderson report in its 2021, 2022, and 2023 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 2021, 2022, and 2023 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 2022 are $160 milion instead of $40 million. Compute the amount of revenue and gross profit or loss to be recognized in 2022 assuming Sanderson recognizes revenue over time according to percentage of completion Hint Print Complete this question by entering your answers in the tabs below. eferences Required 1 Required 2 Required 3 Suppose the estimated costs to complete at the end of 2022 are $160 million instead of $40 milion. Compute the amount of revenue and gross profit or loss to be recognized in 2022 using the percentage of completion method. (Enter your answers in milions. 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 2022 To date 2022 + Recognized in prior Years Construction revenue Construction expense Gross profit (los) Recognized in 2022 $ $ $ (Required 2 Saved On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a basebal stadium in Washington, D.C.for $330 million. The expected completion date is April 1, 2023.just in time for the 2023 baseball season Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): Costs incurred during the year Estimated costs to complete as of December 31 2021 2022 2023 $ 90 G7005 160 40 Required: 1. Compute the revenue and gross profit will Sanderson report in its 2021 2022 and 2023 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 2021 2022 and 2023 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 2022 are $160 million instead of $40 million Compute the amount of revenue and gross profit or loss to be recognized in 2022 assuming Sar son recognizes revenue over time according to percentage of completion 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 2021, 2022, and 2023 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) - % complete to date 2021 2022 2023 Percentages of completion Choose numerator Choose denominator Estimated costs to complete Estimated total costs $ 90 $ 5 160 5 $ 205 $ 2021 To date Recognized in prior years $ 200 200 = 205 45.00% 80.00% 100.00% Recognized in 2021 0 Construction even Construction expense Gross proft Oos) $ S $ 0 $ os 0 Sved Compute the revenue and gross profit will Sanderson report in its 2021 2022, and 2023 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.) % complete to date 2021 2022 2023 Percentages of completion Choose numerator Choose denominator Estimated costs to complete Estimated total costs $ 90 - $ 5 1601 - $ 5 205 5 2021 To date Recognized in prior years 5 200 2001 - 205 45.00% 8000% 100.00% Recognized in 2021 $ 0 Construction revenue Construction expense Gross proft (loss) 0 S 05 0 5 To date 2022 Recognized in prior years Recognized in 2022 0 Construction revenue Construction expense Gross profit (loss) $ $ $ 0 0 To date 2023 Recognized in prior years Recognized in 2023 $ 0 Construction revenue Construction expense Gross profit (oss) 0 $ $ 0 Required 2 > Sad Ch 6 HW 4 On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, DC, for $330 million. The expected completion date is April 1, 2023, just in time for the 2023 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions) 1 points Coats incurred during the year Estimated costs to complete as of December 31 2021 2022 2023 $90 670 $45 160 40 eBook Required: 1. Compute the revenue and gross profit will Sanderson report in its 2021, 2022 and 2023 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 2021 2022 and 2023 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 2022 are $160 million instead of $40 million. Compute the amount of revenue and gross profit or loss to be recognized in 2022 assuming Sanderson recognizes revenue over time according to percentage of completion Hint Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Required 3 Compute the revenue and gross profit wil Sanderson report in its 2021, 2022, and 2023 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 2021 2022 2023 Revenue recognized million million million Gross Profit (Loss recognized million million million G mheducation.com Saved 5 HW 4 On June 15, 2021. Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington D.C., for $330 million. The expected completion date is April 1, 2023, just in time for the 2023 baseball season Costs incurred and estimated costs to complete at year end for the life of the contract are as follows ($ in millions): 2021 2022 2023 Coata incurred during the year $ 90 $70 $15 Estimated contato complete as of December 31 160 40 its look Required: 1. Compute the revenue and gross profit will Sanderson report in its 2021, 2022, and 2023 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 2021, 2022, and 2023 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 2022 are $160 milion instead of $40 million. Compute the amount of revenue and gross profit or loss to be recognized in 2022 assuming Sanderson recognizes revenue over time according to percentage of completion Hint Print Complete this question by entering your answers in the tabs below. eferences Required 1 Required 2 Required 3 Suppose the estimated costs to complete at the end of 2022 are $160 million instead of $40 milion. Compute the amount of revenue and gross profit or loss to be recognized in 2022 using the percentage of completion method. (Enter your answers in milions. 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 2022 To date 2022 + Recognized in prior Years Construction revenue Construction expense Gross profit (los) Recognized in 2022 $ $ $ (Required 2