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Please give answewr same format as hw ! Required Information [The following information applies to the questions displayed below.] In 2021, the Westgate Construction Company
Please give answewr same format as hw
! Required Information [The following information applies to the questions displayed below.] In 2021, 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 2023. 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 2021 $2,581,80 6,319, eee 2, e92, eee 1,845,880 2022 $2,347,eee 2,772, eee 2,838, eee 2,900,000 2023 $3,649, 280 5,072,eee 5,255,000 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. (Do not round Intermediate calculations. Loss amounts should be Indicated with a minus slgn.) 2021 2022 2023 Revenue Gross profit (loss)Step by Step Solution
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