In 2018, 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 2020. Information related to the contract is as follows Cost incurred during the year Estimated costs to complete as of year-end Billings during the year cash collections during the year 2018 $2,580, 000 6,020,000 2,060, 000 1,830, 000 2019 $4, 042, 000 1, 978, 000 4, 562, 000 4,200, 000 $2,175, 800 3,378, 000 3,970, 090 Westgate recognizes revenue over time according to percentage of completion. Problem 5-10 Part 1 Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) 2018 2019 2020 Revenue Gross profit (loss)