5) in 2021, 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 2023. Information related to the contract is as follows:

Cost incurred during the year 2021 2022 2023

$2,581,000 $2,347,000 $3,049,200

Estimated costs to complete 6,319,000 $2,772,000 0

as of year-end

Billings during the year $2,090,000 $2,838,000 $5,072,000

Cash collections during the year 1,845,000 2,900,000 $5,255,000

Westgate recognizes revenue over time according to percentage of completion.

what is the amount of revenue and gross profit(loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information.(Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.)

2021 2022 2023

Costs incurred during the year $2,581,000 $3,845,000 $3,245,000

Estimated costs to finish as of year-end 6,319,000 3,145,000 0

2021 2022 2023

REVENUE

GROSS PROFT OR LOSS