Calculate the amount of gross profit to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Loss amounts should be indicated with a minus sign.) 2013 2014 2015 Costs incurred during the year Estimated costs to complete as of year-end $2,400,000 $3,800,000 $3,900,000 4,100,000 5,600,000 2013 2014 2015 Gross profit (loss) $0 $-300,000$200,000 In 2013, the Westgate Construction Company entered inta a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2015. Information related to the contract is as follows: 2014 $2,400,000 $3,600,000 $2,200,000 2,000,000 2,000,000 4,000,000 4,000,000 1,800,000 3,600,000 4,600,000 2013 2015 st incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 5,600,000 Westgate reports under IFRS and concludes that the percentage-of-completion method is not appropriate. Calculate the amount of gross profit to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Loss amounts should be indicated with a minus sign.) 2013 2014 2015 Costs incurred during the year Estimated costs to complete as of year-end $2,400,000 $3,800,000 $3,900,000 4,100,000 5,600,000 2013 2014 2015 Gross profit (loss) $0 $-300,000$200,000 In 2013, the Westgate Construction Company entered inta a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2015. Information related to the contract is as follows: 2014 $2,400,000 $3,600,000 $2,200,000 2,000,000 2,000,000 4,000,000 4,000,000 1,800,000 3,600,000 4,600,000 2013 2015 st incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 5,600,000 Westgate reports under IFRS and concludes that the percentage-of-completion method is not appropriate