Business, 11.02.2020 22:06 gthif6088

On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D. C., for $400 million. The expected completion date is April 1, 2023.just in time for the 2023 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): Costs incurred during the year ng the year of December 31 Estimated costs to complete as of December 31 2021 2022 2023 $ 60 $130 $55 190 190 60 - 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.

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On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a b...