On June $15,2024,$ Sanderson Construction entered into a long$-$term construction contract to build a baseball stadium in Washington, D$.$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$)$:

$202420252026$

Costs incurred during the year $ $90$ $ $70$ $ $45$

Estimated costs to complete as of December $3116040$

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.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.

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. Use percentages as calculated and rounded in the table below to arrive at your final answer.

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$\backslash$table$[[$Percentages of completion$],[2024,,,,=,],[2025,,,,=,],[2026,,,,=,],[2024],[,$To date,,Recognized in prior years,,Recognized in $2024],[$Construction revenue$],[$Construction expense$],[$Gross profit $($loss$)],[2025],[,$To date,,Recognized in prior years,,Recognized in $2025],[$Construction revenue$],[$Construction expense$],[$Gross profit $($loss$)],[2026],[,$To date,,Recognized in prior years,,Recognized in $2026],[$Construction revenue$],[$Construction expense$],[$Gross profit $($loss$),,,,,]]$