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Required information

Part $1$ of $5$

$[$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:

Westgate recognizes revenue over time according to percentage of completion.

Required:

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.$)$