In $2024,$ 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 $2026.$ Information related to the contract is as follows:

$202420252026$

Cost incurred during the year $ $2,580,000$ $ $4,042,000$ $ $2,175,800$

Estimated costs to complete as of year$-$end $6,020,0001,978,0000$

Billings during the year $2,060,0004,562,0003,378,000$

Cash collections during the year $1,830,0004,200,0003,970,000$

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.