Ch5 - Revenue - Graded HW 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 2019 2020 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $2,059,000 $2,627,000 $2,655,400 5,041,000 2,190,000 1,895,000 2,414,000 2,496,000 5,314,000 2,400,000 5,705,000 Westgate recognizes revenue over time according to percentage of completion Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) This is a numeric cell, so please enter numbers only 2020 Revenue Gross profit (loss)