-60 Help Save & Exit Submit 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 contractare as follows $ in millions): Costs Toured during the year Estimated costs to complete as of December 31 2021 2022 2023 $50 $100 $60 1 5090 - 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 ins 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 $150 million instead of $90 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 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) 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.) Percentages of completion Choose numerator . Choose denominator Actual costs to date Estimated total costs - % complete to date 0 2022 . 0 To date 2021 Recognized in prior years Recognized in 2021 Construction revenue Construction expense Gross profit loss) 2022 Recognized in prior y Recognized in 2022 Construction revenue Construction expense Gross proft oss) O DFGHJK Construction expense Gross profit loss) 2023 To date Recognized in prior years Recognized in 2023 $ rences Construction revenue Construction expense Gross profit (loss) Requrd 1 Required 2 > 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. 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 millions. Loss amounts should be indicated with a minus sign Gross Profit (Loss) 2021 2022 2023 Revenue recognized milion million milion milion million milion Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Suppose the estimated costs to complete at the end of 2022 are $150 million instead of $90 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 Epercentages 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 2022 Recognized in prior Years To date Recognized in 2022 Construction revenue Construction expense Gross profit (loss)