n 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:

202420252026Cost incurred during the year$ 2,100,000$ 2,450,000$ 2,695,000Estimated costs to complete as of year-end4,900,0002,450,0000Billings during the year2,200,0002,350,0005,450,000Cash collections during the year1,900,0002,300,0005,800,000

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.