In 2016, 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 2018. Information related to the contract is as follows: 2016 2018 2017 2,542,000 $3,772,000 $2,074,600 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 1,886,000 2,020,0004,294,000 3,686,000 1,810,000 3,800,000 4,390,000 5,658,000 Westgate recognizes revenue over time according to percentage of completion. Required: 1. Calculate the amount of revenue and gross profif to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) 2016 2017 2018 Revenue 10,000,000 of s L. Gross profit (loss) $ 1,810,000 2-a. In the journal below, complete the necessary journal entries for the year 2016 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select No journal entry required" in the first account field.) Vlew transaction list View journal entry worksheet No Date General Journal Debit Credit Construction in progress Various accounts 2016 2,542,000