Chapter 060 8 10 Required information (The following information apples to the questions displayed below) In 2021, 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 2023 formation related to the contract is as follows Cast incurred during the Estimated costs to complete as of year-end ings ring the year, 2021 2022 12.583,000 $2,547,000 $1,049,200 6,319,000 Cast collections during the year 1,045,000 2,000 5,255,000 Westgate recognizes revenue over time according to percentage of completion 4. Calculate the amount of revenue and gross pront poss) to be recognitzed in each of the three years assuming the following costs incuried and costs to complete information (De not round intermediate celculations and round your final answers to the nearest whole dollar amount Loss amounts should be indicated with a minus sign) Certs curved ouring the year Extinted casts to implete as of year an $2,581,000 $1,045,000 $3,245,00 3,145,000 201 2002 2923 Cros