Required information Problem 6-10 (Algo) Long-term contract; revenue recognition over time (LO6-8, 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: 2023 $2,926,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,640,000 6,160,000 2,080,000 1,840,000 2022 $2,300,000 2,660,000 2,860,000 2,800,000 5,060,000 5,360,000 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.) Answer is not complete. $ 2021 3,000,000 $ 360,000 $ 2023 3,500,000 Revenue Gross profit (loss) 2022 3,500,000 $ 1,200,000 $