Required information [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: Cost incurred during the year 2025 2024 Estimated costs to complete as of year-end Billings during the year $ 2,156,000 5,544,000 2,130,000 $ 3,388,000 2,156,000 2026 $ 2,371,600 0 3,414,000 4,456,000 Cash collections during the year 1,865,000 3,300,000 4,835,000 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. Note: Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.. Revenue Gross profit (loss) 2024 2025 2026 [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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year 2024 $ 2,156,000 5,544,000. 2,130,000 2025 $ 3,388,000 2826 $ 2,371,600 2,156,000 3,414,000 e Cash collections during the year 1,865,000 3,300,000 4,456,000 4,835,000 Westgate recognizes revenue over time according to percentage of completion. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract. Hote: Do not round intermediate calculations. Balance Sheet (Partial) Current assets: Current liabilities: 2024 2025 0 0 Required information [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: 2025 2024 2026 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $ 2,156,000 5,544,000 2,130,000 1,865,000 $ 3,388,000 $ 2,371,600 2,156,000 3,414,000 3,300,000 4,456,000 4,835,000 Westgate recognizes revenue over time according to percentage of completion. . Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years, assuming the following costs ncurred and costs to complete information. Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign. Costs incurred during the year Estimated costs to complete as of year-end Revenue Gross profit (loss). 2024 2025 2026 2024 2025 2026 $ 2,156,000 5,544,000 $ 3,865,000 3,165,000 $ 3,265,000