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O On June 15, 2021. Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington DC, for $320 million. The expected completion date in 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 2010 Estimated costs to complete of December 31 Costs incurred during the year 1603130 350 180 20 Required: 1. Compute the revenue and gross profit will Sanderson reportinis 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 2. Suppose the estimated costs to complete at the end of 2022 are $120 million instead of 570 million Coate 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. Complete this question by entering your answers in the tabs below. Hequired 1 Required 2 Required a 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 out amounts should be indicated with a minus sign. Une percentages as calculated and rounded in the table belows are at your hal) Percentages of completion Choti Choose benom comes to date lost to date Estados 5 - CHAPTER 6 Caved 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 contra assuming Sanderson recognizes revenue over time according to percentage of completion. (Enter your answers in millions. Loss at 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 Actual costs to date Estimated total costs % complete to date $ 60+ $ 180 33.33% 2021 2022 2023 $ 180 120+ 5 50 2021 08.67% 100.00% $ 50 To date Recognized in prior years Recognized in 2021 $ 1003 Construction revenue Construction expense Gross profit (loss) 108 60 $ 3 os ols 0 $ 003 403 40 To date Recognized in 2022 2022 Recognized in prior years 211 s 1205 013 Construction revenue Construction expense Gross profit (loss) OS 5 $ OS 03 211 120 DI 2023 To date Recognized in prior years Recognized in 2023 320 Construction revenue Construction expense Gross profit (os 320 50 5 0 MS Required 2 > 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 this project does not qualify for revenue recognition over time. (Enter your answers in milions. Los amounts should be indicated with a minus sign.) Year 2021 2022 2023 Revenue recognized million milion mbon Gross Profit (Loss) recognized million million million Prev 2 of 8 H Next > Required 1 Required 2 Required 3 Suppose the estimated costs to complete at the end of 2022 are $120 million instead of $70 million. 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 millions. Use percentages as calculated and rounded in the table below to arrive at your final answer.) Percent of completion Choose numerator Choose denominator complete to date 2022 2022 Recognized in prior Years To date Recognized in 2022 Construction revenue Construction expense Gross profit oss 5 5