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 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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the yea 2021 2022 $2,400,000 $3,600,000 2023 $2,200,000 5,600,000 2,000,000 2,000,000 1,800,000 4,000,000 4,000,000 3,600,000 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. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) Revenue Gross profit (loss) 2021 2022 2023