Problem 6-10 (Algo) Long-term contract; revenue recognition over time (L06-8, 6-9) [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 2023 $2,890,800 2021 $2,044,000 5,256,000 2,170,000 1,885,000 2022 $2,628,000 2,628,000 2,502,090 2,600,000 5,328,000 5,515,000 Westgate recognizes revenue over time according to percentage of completion Problem 6-10 (Algo) Part 1 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 sign.)