In 2024, 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 2026. 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 2024 $ 2,044,000 5,256,000 2,170,000 2025 $ 2,628,000 2,628,000 2,502,000 2026 $ 2,890,800 0 5,328,000 1,885,000 2,600,000 5,515,000 Westgate recognizes revenue over time according to percentage of completion. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. Note: Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. 2024 2025 Revenue $ 2,800,000 Gross profit (loss) $ 756,000 2026