On June Sanderson Construction entered into a longterm construction contract to build a baseball stadium in Washington,
DC for $ million. The expected completion date is April just in time for the baseball season. Costs incurred and
estimated costs to complete at yearend for the life of the contract are as follows $ in millions:
Required
Compute the revenue and gross profit that Sanderson will report in its and income statements related to this contract,
assuming Sanderson recognizes revenue over time according to percentage of completion.
Note: Enter your answer in millions ie $ should be entered as $ 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.
PLEASE PROVIDE CALCULATIONS
