15 Required information [The following information applies to the questions displayed below] In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2026. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end- Billings during the year Cash collections during the year 2025 2024 $ 2,604,000 5,796,000 2026 2,040,000 $ 4,032,000 1,764,000 4,596,000 $ 1,940,400 1,820,000 Westgate recognizes revenue over time according to percentage of completion. 4,000,000 3,364,000 4,180,000 Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. Note: Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. Answer is not complete. 2024 Revenue 3,100,000 Gross profit (loss) $ 496,000 2025 2026