! Required Information Problem 6-10 (Static) Long-term contract; revenue recognition over time [LO6-8, 6-9] [The following information applies to the questions displayed below.] 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: 2024 2025 2026 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $ 2,400,000 5,600,000 2,000,000 $ 3,600,000 2,000,000 4,000,000 $ 2,200,000 0 1,800,000 3,600,000 4,000,000 4,600,000 Westgate recognizes revenue over time according to percentage of completion. Problem 6-10 (Static) Part 1 Required: 1. 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. 2024 2025 Revenue $ 1,800,000 Gross profit (loss) 2026