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Exercise 6-20 (Algo) Long-term contract; revenue recognition over time vs. upon project completion [LO6-9] On June 15, 2021, Sanderson Construction entered Into a long-term construction contract to build a baseball stadium in Washington, D.C., for $330 million. The expected completion date is April 1, 2023, just in time for the 2023 baseball season. Costs Incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ In millions): 2021 2022 2023 Costs incurred during the year $ 90 $70 $45 Estimated costs to complete as of December 31 160 Required: I. 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 in its 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 $160 million instead of $40 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. * Answer is complete but not entirely correct. 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.) Show less A Percentages of completion Choose numerator Choose denominator % complete to date Actual costs to date Estimated total costs 2021 90 - 5 250 36.00% 2022 160 0 - S 290 x = 65.17% 2023 245 X Is 245 x 100.00% 2021 To date Recognized in prior years Recognized in 2021 Construction revenue 119 119 Construction expense 90 06 Gross profit (loss) 29 29 2022 To date Recognized in prior years Recognized in 2022 Construction revenue 182 2 5 119 5 63 Construction expense 1605 90 5 70 Gross profit (loss) 22 x 5 295 (7 ) 2023 To date Recognized in prior years Recognized in 2023 Construction revenue 330 5 182 x 5 148 Construction expense 245 5 1605 85 Gross profit (loss) 85 X 5 22 x 5 63 Required 1 Required 2 >Exercise 6-20 (Algo) Long-term contract; revenue recognition over time vs. upon project completion [LO6-9] On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $330 million. The expected completion date is April 1, 2023, just in time for the 2023 baseball season. Costs Incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ In millions): 2021 2022 2023 costs incurred during the year $ 90 $70 $45 Estimated costs to complete as of December 31 160 40 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 In its 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 $160 million Instead of $40 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. x Answer is complete but not entirely correct. 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.) Year Revenue Gross Profit (Loss) recognized recognized 2021 119 * million 29 * million 2022 182 * million -7 x million 2023 330 million 63 x million \f