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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:
Cost incurred during the year
2024: $ 2,640,000
2025: $ 2,300,000
2026: $ 2,926,000
Estimated costs to complete as of year-end
2024: $6,160,000
2025: $2,660,000
2026: $0
Billings during the year
2024: $2,080,000
2025: $2,860,000
2026: $5,060,000
Cash collections during the year
2024: $1,840,000
2025: $2,800,000
2026: $5,360,000
Westgate recognizes revenue over time according to percentage of completion. 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.
Note: 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.
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