$.$C$.,$ for $$330$ million. The expected completion date is April $1,2026,$ just in time for the $2026$ baseball season. Costs incurred and estimated costs to complete at year$-$end for the life of the contract are as follows $($$ in millions$)$:

Costs incurred during the year

Estimated costs to complete as of December $31$

Required:

Compute the revenue and gross profit that Sanderson will report in its $2024,2025,$ and $2026$ income statements related to this contract, assuming Sanderson recognizes revenue over time according to percentage of completion.

Compute the revenue and gross profit that Sanderson will report in its $2024,2025,$ and $2026$ income statements related to this contract, assuming this project does not qualify for revenue recognition over time.

Suppose the estimated costs to complete at the end of $2025$ are $$160$ million instead of $$40$ million. Compute the amount of revenue and gross profit or loss to be recognized in $2025,$ 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 that Sanderson will report in its $2024,2025,$ and $2026$ income statements related to this contract, assuming this project does not qualify for revenue recognition over time.

Note: Enter your answer in millions $($i$.$e$.,$ $$4,000,000$ should be entered as $$4).$ Loss amounts should be indicated with a minus sign. Leave no cells blank.

Show less $4$

$\backslash$table$[[$Year$,\backslash$table$[[$Revenue$],[$recognized$]],\backslash$table$[[$Gross Profit $($Loss$)],[$recognized$]],],[2024,,$million,$],[2025,,$million,,million$],[2026,,$million,,million$]]$

In June $15,2024,$ Sanderson Construction entered into a long$-$term construction contract to build a baseball stadium in Washington, C$.,$ for $$330$ million. The expected completion date is April $1,2026,$ just in time for the $2026$ baseball season. Costs incurred and stimated costs to complete at year$-$end for the life of the coritract are as follows $($$ in millions$)$:

Costs incurred during the year

Estimated costs to complete as of Decenber $31$ Required:

$\backslash$table$[[2024,2025,2026],[$$$90,$$$70,$$$45$