Required information Problem 6-10 (Algo) Longterm 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 1,540,000 2022 $2,300,000 2,660,000 2,860,000 2,000,000 5,000,000 5,360,000 Westgate recognizes revenue over time according to percentage of completion Problem 6-10 (Algo) Part 4 4. Calculate the amount of revenue and gross profit (loss) 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.) 2023 3021 $2,640.000 6,160,000 2022 53,840,000 3,140,000 $3,240,000 Costs incurred during the year Estimated costs to complete as of year and 2022 2023 5 Revenue Gross profit oss) 2021 3.000.000 360,000