| Mail - Adesupo, Larry - Outlook x | 3 my.unt.edu/psc/ps/EMPLOYEE/ x | > Assignments: ACCT 3110 Section x M Question 1 - Ex Cr #3 (6/7) (Gr) x + 0 X ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%252Fmheproducts%252FImsCloseWindow.... * GhSOO Ex Cr #3 (6/7) (Gr) Saved Help Save & Exit Submit Check my work O Required information 7.5 [The following information applies to the questions displayed below.] point 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: Book 2024 2025 2026 Cost incurred during the year $ 2, 523, 000 $ 3, 177, 000 1, 980,000 ed costs to complete as of year-end 6, 177, 000 1, 800, 000 Billings during the year 2, 070, 000 3, 630, 000 1, 306,000 Print Cash collections during the year 1 , 835, 090 3, 400, 000 +, 765,000 Westgate recognizes revenue over time according to percentage of completion. References 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 2026 Revenue 2,800,000 $ 3,900,000 $ 3,300,000 Gross profit (loss) 784,000 $ 1,092,000 686,400