Required information

[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	$	2,581,000		$	2,347,000		$	3,049,200
Estimated costs to complete as of year-end		6,319,000			2,772,000			0
Billings during the year		2,090,000			2,838,000			5,072,000
Cash collections during the year		1,845,000			2,900,000			5,255,000

Westgate recognizes revenue over time according to percentage of completion.

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.)