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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
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: 2023 $2,613,600 Cont incurred during the year Estimated costs to complete as of year-end Billings during the year Camh collections during the year 2021 $2,016,000 5,184,000 2,180,000 1,890,000 2022 $2,808,000 2,376,000 2,644,000 2,500,000 5, 176,000 5,610,000 Westgate recognizes revenue over time according to percentage of completion 5. 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 found intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.) Costs incurred during the year Estimated costs to complete an of year-end 2021 $2,016,000 5,184,000 2022 $3,890,000 4,280,000 2023 $4,170,000 0 2023 2022 2,998,154 $ 2021 2,800,000 $ 784,000 Revenue Gross profit (loss 4,201,846 $ $
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