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Problem $6-10($Algo$)$ Long$-$term contract; revenue recognition over time $[$L$06-8,6-9]$

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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:

$2$

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Problem $6-10($Algo$)$ Part $1$

Required:

Calculate the amount of revenue and gross profit $($loss$)$ to be recognized in each of the three years.

Note: Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.

$\backslash$table$[[,2024,2025,2026],[$Revenue$,,,],[$Gross profit $($loss$),,,]]$

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