5 Part 1 of 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 for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 10 abook Cost incurred during the year Estimated costs to complete as of year-end Billings during the year 2021 2022 2023 $2,581,000 $2,347,000 $3,049,200 6,319,000 2,372,000 2,000,000 1,845,000 5,072,000 2.900.000 5,255,000 Cash collections during the year. Westgate recognizes revenue over time according to percentage of completion Bulancas Required: 1. Calculate the amount of revenue and gross profit poss) to be recognized in each of the three years. (Do not round Intermediate calculations. Loss amounts should be indicated with a minus sign.) 01 Revenue Gross prot 0oss) 2021 2022 2023