E $6-20$ Long$-$term contract, revenue recognition over time vs$.$ upon project completion

LO$6-9$

On June $15,2024,$ 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 $1,2026,$ 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$)$:

$\backslash$table$[[,2024,2025,2026],[$Costs incurred during the year,$$40,$$$80,$$$50$