Sanderson report in its 2021 2022 and 2023 income

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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 $80 million instead of $60 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. 9 23 points Skipped Complete this question by entering your answers in the tabs below. eBook Required Required 2 Required 3 Hint Suppose the estimated costs to complete at the end of 2022 are $80
million instead of S60 million. Compute the amount of revense and gross profit or loss to be recognized in 2022 using the percentage of completion method. (Enter your answers in millions. Use percentages as calculated and rounded in the table below to arrive at your final answer.) References Percentages of completion Choose numerator Choose denominator % complete to date + 2022 2022 Recognized in 2022 To date Recognized in prior Years Construction revenue Construction expense Gross profit (loss) Required 2 Required 3

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