Please Help!!!! My professor said I have done something wrong in getting the Construction in Process numbers. I am not sure what I am doing wrong. I have done all the work I just need someone who can check and help me find where the errors are. I was told that CIP is a balance sheet account, so you only add the new costs! I though thats what I was doing.

In 2016, 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 2018. Information related to the contract is as follows: 2018 2016 2017 Cost incurred during the year $2,184,000 $3,510,000 $2,316,600 Estimated costs to complete as of year-end 5,616,000 2,106,000 Billings during the year 2,120,000 3,574,000 4,306,000 Cash collections during the year 1,860,000 3,400,000 4,740,000 Westgate recognizes revenue over time according to percentage of completion. Required: 1. Calculate the amount of revenue and gross profit to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) 2016 2018 2017 Revenue 2,800,000 4,500,000 2,700,000 Gross profit (loss) 616,000 990,000 383400