18, The Westgate Construction Company Entered... Chegg.com MHE Reader Construction in Progress Balance Sheet ... | Chegg.com Saved You received no credit for this question in the previous attempt. Che Required information (The following information applies to the questions displayed below.) In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County fc $10,000,000. The road was completed in 2023. 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 2021 2022 2023 $2,400,000 $3,600,000 $2,200,000 5,600,000 2,000,000 @ 2,000,000 4,000,000 4,000,000 1,800,000 3,600,000 4,600,000 Westgate recognizes revenue over time according to percentage of completion. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round in calculations. Loss amounts should be indicated with a minus sign.)