In 2013, 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 2015. Information related to the contract is as follows (keep your decimals during the calcuation): 2013 2014 2015 Cost incurred during the year $2,500,000 $3,800,000 $2,000,000 Estimated costs to complete as of year-end 5,700,000 2,200,000 0 2,100,000 4,200,000 3,700,000 Billings during the year Cash collections during the year 1,900,000 3,800,000 4,300,000 Requirement 2 (8 points): Calculate the amount of gross profit to be recognized in each of the three years assuming the following costs to complete information under the method of percentage of completion and the mothod of completed contract. The contract price are from the above: Calculate the amount of gross profit to be recognized in each of the three years assuming the following costs to complete information under the method of percentage of completion and the mothod of completed contract. The contract price are from the above: 2013 2014 2015 Cost incurred during the year $2,300,000 $3,400,000 $3,100,000 Estimated costs to complete as of year-end 6,500,000 3,000,000 0 Gross recognized: profit Percentage of completion Completed contract 2013 1) 2) 2014 3) 4) 2015 5) 6) 6: Total gross profit 7) Blank # 1 profit Gross recognized: Percentage of completion Completed contract 2013 1) 2) 2014 3) 4) 2015 5) 6) Total gross profit 7) 8) Blank # 1 Blank # 2 D] Blank # 3 Blank #4 Blank # 5 N Blank # 6 Blank #7 N Blank #8 A/