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: 2021 2022 2023 Cost Incurred during the year $2,640,000 $2,300,000 32,926,000 Estimated costs to complete as of year-end 6,160,000 2,660,000 Billings during the year 2,000,000 2,860,000 5,060,000 Cash collections during the year 1,840,000 2,800,000 5,350,000 Westgate recognizes revenue over time according to percentage of completion Problem 6-10 (Algo) Part 5 5. Calculate the amount of revenue and gross profits to be recognized in each of the three years assuming the following costs incurred and costs to complete information (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.) 2923 52.640.000 Costs thered during the year 53, 540,000 $4,70,000 4.1.6.0 Answer is not complete Revenus 1000 ( 100)