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:

	2024	2025	2026
Cost incurred during the year	$ 2,400,000	$ 3,600,000	$ 2,200,000
Estimated costs to complete as of year-end	5,600,000	2,000,000	0
Billings during the year	2,000,000	4,000,000	4,000,000
Cash collections during the year	1,800,000	3,600,000	4,600,000

Westgate recognizes revenue over time according to percentage of completion.

\begin{tabular}{|l|rr|rr|rr|} \hline & \multicolumn{2}{|c|}{2024} & & 2025 & \multicolumn{2}{c|}{2026} \\ \hline Revenue & $ & 3,000,000 & $ & 5,400,000 & $ & 1,600,000 \\ \hline Gross profit (loss) & $ & 600,000 & $ & 1,800,000 & $ & 600,000 \\ \hline \end{tabular}