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Please help with all answers, thanks! In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for
Please help with all answers, thanks! 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 $2,550,000 5,950,000 2,050,000 1,825,000 2022 2023 $4,250,000 $1,870,000 1,700,000 0 4,750,000 3,200,000 4,100,000 4,075,000 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 intermediar calculations. Loss amounts should be indicated with a minus sign.) 2022 Revenue Gross profit (loss) $ $ 2021 3,279,743 s ors 2023 10,000,000 $ 0 0
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