In 2021, 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 2023. Information related to the contract is as follows:

2021 2022 2023 Cost incurred during the year $ 2,204,000 $ 3,192,000 $ 2,424,400 Estimated costs of year-end 5,396,000 2,204,000 0 Billings during the year 2,140,000 3,256,000 4,604,000 Cash collections during the year 1,870,000 3,200,000 4,930,000

Westgate recognizes revenue over time according to percentage of completion.

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. (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.)

2021 2022 2023 Costs incurred during the year $ 2,204,000 $ 3,870,000 $ 3,270,000 Estimated costs of year-end

Browser=0&launchUrl=https%253A96252P96252Fvle. Wk 5 - Apply: Homework [due day 7] i Saved billings during the year 4) 140, UVU Cash collections during the year >} 2JU, 000 1, 870, 000 3, 200, 000 4,930, 000 8 Westgate recognizes revenue over time according to percentage of completion. Part 4 of 5 4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years a incurred and costs to complete information. (Do not round intermediate calculations and round your fi O whole dollar amount. Loss amounts should be indicated with a minus sign.) points 2021 2022 2023 Costs incurred during the year $2, 204, 000 $3,870,000 $3, 270,000 eBook Estimated costs to complete as of year- end 5, 396, 000 3, 170,000 Print References 2021 2022 2023 Revenue Gross profit (loss)Conn X *Friter you Course H. * Course H f Facebook * Course| |* Premier https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fvle.phoenix.edu%252Fwebapps%252 Homework [due day 7] i Saved Help [The following information applies to the questions displayed below.] In 2021, 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 2023. Information related to the contract is as follows: 2021 2022 2023 Cost incurred during the year $2, 204, 000 $3, 192,000 $2, 424,400 Estimated costs to complete as of year-end 5,396, 000 2, 204, 000 Billings during the year 2, 140,090 3, 256, 000 4, 604,000 Cash collections during the year 1, 870,000 3, 200, 000 4,930, 090 Westgate recognizes revenue over time according to percentage of completion. 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. (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.) 2021 2022 2023 Costs incurred during the year $2, 204, 000 $3, 870,000 $3, 270,000 Estimated costs to complete as of year- end 000 '968'S 3, 170, 000