On June $15,2024,$ Sanderson Construction entered into a long$-$term construction contract to build a baseball stadium in Washington, D$.$C$.,$ for $$360$ million. The expected completion date is April $1,2026,$ just in time for the $2026$ baseball season. Costs incurred and estimated costs to complete at year$-$end for the life of the contract are as follows $($$ in millions$)$:

$202420252026$Costs incurred during the year$ $60$$ $120$$ $70$Estimated costs to complete as of December $3118070$

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 $$140$ million instead of $$70$ 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.