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5 Required information Problem 6 - 1 0 ( Algo ) Long - term contract; revenue recognition over time [ LO 6 - 8 ,

5
Required information
Problem 6-10(Algo) Long-term contract; revenue recognition over time [LO6-8,6-9]
[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
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