Problem $6-10($Algo$)$ Long$-$term contract; revenue recognition over time $[$LO$6-8,6-9]$

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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:

$202420252026$

Cost incurred during the year $ $2,604,000$ $ $4,032,000$ $ $1,940,400$

Estimated costs to complete as of year$-$end $5,796,0001,764,0000$

Billings during the year $2,040,0004,596,0003,364,000$

Cash collections during the year $1,820,0004,000,0004,180,000$

Westgate recognizes revenue over time according to percentage of completion.

Problem $6-10($Algo$)$ Part $4$

$4.$ Calculate the amount of revenue and gross profit $($loss$)$ to be recognized in each of the three years, assuming the following costs incurred and costs to complete information.

Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.

$202420252026$

Costs incurred during the year $ $2,604,000$ $ $3,820,000$ $ $3,220,000$

Estimated costs to complete as of year$-$end $5,796,0003,120,0000$Problem $6-10($Algo$)$ Long$-$term contract; revenue recognition over time $[$LO$6-8,6-9]$

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$[$The following information applies to the questions displayed below.$]$

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:

$202420252026$

Cost incurred during the year $ $2,604,000$ $ $4,032,000$ $ $1,940,400$

Estimated costs to complete as of year$-$end $5,796,0001,764,0000$

Billings during the year $2,040,0004,596,0003,364,000$

Cash collections during the year $1,820,0004,000,0004,180,000$

Westgate recognizes revenue over time according to percentage of completion.

Problem $6-10($Algo$)$ Part $4$

$4.$ Calculate the amount of revenue and gross profit $($loss$)$ to be recognized in each of the three years, assuming the following costs incurred and costs to complete information.

Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.

$202420252026$

Costs incurred during the year $ $2,604,000$ $ $3,820,000$ $ $3,220,000$

Estimated costs to complete as of year$-$end $5,796,0003,120,0000$Required information

Problem $6-10($Algo$)$ Long$-$term contract; revenue recognition over time $[$LO$6-8,6-9]$

$[$The following information applies to the questions displayed below.$]$

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:

Westgate recognizes revenue over time according to percentage of completion.

roblem $6-10($Algo$)$ Part $4$

Calculate the amount of revenue and gross profit $($loss$)$ to be recognized in each of the three years, assuming the following costs

curred and costs to complete information.

lote: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts

hould be indicated with a minus sign.