9 Required information The following information applies to the questions displayed below. In 2018, 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 2020. Information related to the contract is as follows: 2018 2020 2019 $2,610,000 $3,162,000 $2,230,800 Cost incurred during the year Estimated costs to complete as of year-end ,390,000 2,028,000 Billings during the year 2,100,000 3,672,000 4,228,000 1,850,000 3,000,000 5,150,000 Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. tion required below to prepare a partial balance sheet for 2018 and 2019 showing any items related to the 3. Complete the informa contract. (Do not round intermediate calculations.) 2018 Balance Sheet (Partial) Current assets Current liabilities: 4 5 of 5 Next> Required information The following information applies to the questions displayed below] In 2018, $10,000,000. The road was completed in 2020. Information related to the contract is as follows: the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for 2019 $2,610,000 $3,162,000 $2,230,800 2018 2020 Cost incurred during the year Eatimated costs to complete as of year-end ,390,000 Billings during the year 2,100,000 3,672,000 4,228,000 1,850,000 3,000,000 5,150,000 cash collections during the year Westgate recognizes revenue over time according to percentage of completion. 4. 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. (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.) 2019 2020 Cost incurred during the year Estimated costs to complete as of year-end 2,610,000 $3,850,000 $3,250,000 6, 390,000 3,150, 000 2018 2020 2019 Revenue Gross profit (loss)