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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,610,000 6,390,000 2,100,000 1,550,000 2022 $3,162,000 2,028,000 3,672,000 3,000,000 2023 $2,230,800 e 4,228,000 5,150,000 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.) 2021 2022 2023 Revenue Gross profit (los) 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: 2023 $2,230,800 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,610,000 6,390,000 2,100,000 1,850,000 2022 $3,162,080 2,028,000 3,672,000 3,000,000 4,228,000 5,150,000 Westgate recognizes revenue over time according to percentage of completion 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. (Do not round intermediate calculations.) 2021 2022 Balance Sheet (Partial) Current assets Current abilities 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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2821 $2,610,000 6,390,000 2,100,000 1,850,000 2022 $3,162,000 2,028,000 3,672,000 3,000,000 2023 $2,230,800 0 4,228,000 5,150,000 Westgate recognizes revenue over time according to percentage of completion 4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information (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.) 2021 2022 Costs incurred during the year $2,610,000 53,850,000 $3,250,000 Estimated costs to complete as of year-end 6,390,000 3,150,000 2021 2022 2023 Revenue Gross profit (loss) 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. 2023 52,230,000 Cost incurred during the year Estimated costs to complete as of year end Billings during the year Cash collections during the year 2021 $2,610,000 6,390,000 2,100,000 1,850,000 2022 $3,162,000 2,028,000 3,672,000 3,000,000 4,220,000 $,150,000 Westgate recognizes revenue over time according to percentage of completion 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (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.) 2023 Costs incurred during the year $2,610,000 $3,650,000 $4,050,000 Estimated costs to complete as of year-end 6,390,000 4,200,000 2021 2022 2023 Revenue Gross profit (loss)