value 10.00 points On June 15, 2013, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington D.C. for $220 million. The expected completion date is April 1 of 2015, just in time for the 2015 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): Costs incurred during the year Estimated costs to complete as of 12/31 2013 2014 2015 $ 40 $80 $50 60 120 Required: 1. Determine the amount of gross profit or loss to be recognized in each of the three years using the percentage-of-completion method. (Enter your answers in millions. Do not round intermediate calculations and round your final answers to 2 decimal places. Loss amounts should be indicated with a minus sign.) Gross Profit (Loss) ($ in millions) Year 2013 2014 2015 2. How much revenue will Sanderson report in its 2013 and 2014 income statements related to this contract using the percentage-of-completion method? (Enter your answers in millions. Do not round