Following information applies 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. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collection during the year 2021 2022 $2,059,000 $2,627,000 5,041,000 2,414,000 2,190,000 2,496,000 1,895,000 2,400,000 2023 $2,655,400 0 5,314,000 5,705,000 eBook Westgate recognizes revenue over time according to percentage of completion Print References 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.) 2021 2022 2023 Coats incurred during the year $2,039,000 $3,195,000 $), 295,000 Estimated costs to complete as of year-end 5,041,000 3,195,000 0 2022 2021 2.900.000 Revenue Gross profit (050) $ 2023 3,400,000 $