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

$ $2,100,000$

$ $2,450,000$

$ $2,695,000$

Estimated costs to complete as of year$-$end

$4,900,000$

$2,450,000$

$0$

Billings during the year

$2,200,000$

$2,350,000$

$5,450,000$

Cash collections during the year

$1,900,000$

$2,300,000$

$5,800,000$

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.