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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

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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 for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2023 $1,940,400 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,604,000 5,796,000 2,040,000 1,820,000 2022 $4,032,000 1,764,000 4,596,000 4,000,000 3,364,000 4,180,000 Westgate recognizes revenue over time according to percentage of completion. equired: Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate alculations. Loss amounts should be indicated with a minus sign.) 2021 2022 2023 Revenue Gross profit (loss)

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