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:

Westgate recognizes revenue over time according to percentage of completion.

Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years.

	2021	2022	2023
cost incurred during the year	2,550,000	4,250,000	1,870,000
Estimated costs to complete as of year-end	5,950,000	1,700,000	0
billings during the year	2,050,000	4,750,000	3,200,000
cash collections during the year	1,825,000	4,100,000	4,075,000