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: 1 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year 2024 $2,500,000 2025 6,020,000 2,060,000 $ 4,042,000 1,978,000 4,562,000 2026 $ 2,175,800 0 1,030,000 4,200,000 3,378,000 3,970,000 Cash collections during the year 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