Looking for the correct answers for this question, using percentage of completion. I know there is something needed with using the percent completed and the previous profit to get a new amount.

In 2018, 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 2020. Information related to the contract is as follows: 2018 2019 $2,016,000 $2,808,000 $2,613,600 2,376,000 2,180,000 2,644,000 5,176,000 1, 890,000 2,500,000 5,610,000 2020 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 5,184,000 Westgate recognizes revenue over time according to percentage of completion. 4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the fo costs incurred and costs to complete information. (Do not round intermediate calculations and round your final ans the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.) 2020 2019 $2,016,000 $3,890,000 3,290, o 2018 Cost incurred during the year Estimated costs to complete as of year-end 5,184,000 3,190,000 Answer is complete but not entirely correct. 201 2019 2020 Revenue Gross profit loss) 2,800,000 3,692,9643.507,036 784,000 (891.846) 31.846 Next >