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 $ $2,550,000$ $ $4,250,000$ $ $1,870,000$

Estimated costs to complete as of year$-$end $5,950,0001,700,0000$

Billings during the year $2,050,0004,750,0003,200,000$

Cash collections during the year $1,825,0004,100,0004,075,000$

Westgate recognizes revenue over time according to percentage of completion.

Problem $6-10($Algo$)$ Part $4$

$4.$ 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.

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.

$202420252026$

Costs incurred during the year $ $2,550,000$ $ $3,825,000$ $ $3,225,000$

Estimated costs to complete as of year$-$end $5,950,0003,125,0000$Problem $6-10($Algo$)$ Long$-$term contract; revenue recognition over time $[$LO$6-8,6-9]$

$[$The following information applies to the questions displayed below.$]$

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:

Westgate recognizes revenue over time according to percentage of completion.

Problem $6-10($Algo$)$ Part $4$

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.

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.

Answer is not complete.