$5$

Required information

Problem $6-10($Algo$)$ Long$-$term contract; revenue recognition over time $[$LO$6-8,6-9]$

$[$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:

Westgate recognizes revenue over time according to percentage of completion.

Problem $6-10($Algo$)$ Part $5$

Calculate 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.

$5$ Note: 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.

Costs incurred during the year

Estimated costs to complete as of year$-$end