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In 2 0 2 4 , the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $ 1

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:
...........................2024......2025.......2026
Cost incurred during the year $ 2,100,000 $ 3,150,000 $ 2,475,000
Estimated costs to complete as of year-end 5,400,0002,250,0000
Billings during the year 2,150,0003,100,0004,750,000
Cash collections during the year 1,875,0003,100,0005,025,000
Westgate recognizes revenue over time according to percentage of completion.
Required: Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years.
................2024.....2025.....2026
Revenue ???
Gross Profit (loss)???

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