what is construction revenue/expense for 2022?

Assignment 4-1 Practice Help Save & Exit Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to On June 15, 2021, Sanderson Construction entered into a long term construction contract to build a baseball stadium in Washington. D.C, for $350 million. The expected completion date is April 1, 2023, just in time for the 2023 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions) points Costs incurred during the year Estimated costs to complete as of December 31 2021 2022 2023 $ 30 $140 $40 170 80 - 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 $170 million instead of $80 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 not complete. Complete this question by entering your answers in the tabs below. Help Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate ca $ S - 2022 2023 $ 170 210 250 210 68.00% 100.00% To date S Construction revenue Construction expense Gross profit (loss) Recognized in prior years Recognized in 2021 53 $ OS 30s 05 23 $ Os 53 30 23 To date 2022 Recognized in prior years Construction revenue Construction expense Gross profit (loss) Recognized in 2022 53 $ (53) 305 (30) 235 (23) $ 2023 Recognized in prior years To date Recognized in 2023 0 0 Construction revenue Construction expense Gross profit (loss)