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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
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: 2022 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,504, eee 5,796,888 2,840, eee 1,820, eee $4,032,eee 1,764, eee 4,596,eee 4,000,000 2023 $1,940,400 e 3,364,99 4,180,eee 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 slgn.) 2021 2022 2023 Revenue Gross profit (loss)
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