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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: 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 assuming the following C urred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nee ole dollar amount. Loss amounts should be indicated with a minus sign.)
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