Required information

[The following information applies to the questions displayed below.] In 2018, 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 2020. Information related to the contract is as follows:

	2018			2019			2020
Cost incurred during the year	$	2,204,000		$	3,192,000		$	2,424,400
Estimated costs to complete as of year-end		5,396,000			2,204,000			0
Billings during the year		2,140,000			3,256,000			4,604,000
Cash collections during the year		1,870,000			3,200,000			4,930,000

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.)