6-11 (Algo) Long-term contract; revenue recognition upon completion [LO6-9] In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2026. Information related to the contract is as follows: 202420252026Cost incurred during the year$ 2,511,000$ 3,645,000$ 2,138,400Estimated costs to complete as of year-end5,589,0001,944,0000Billings during the year2,100,0004,056,0003,844,000Cash collections during the year1,900,0003,700,0004,400,000 Assume that Westgate Constructions contract with Santa Clara County does not qualify for revenue recognition over time. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the