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 $ 10,000,000The road was completed in 2026. Information related to the contract is as follows 2025 2026 2,695,000 Cost incurred during the year Estimated costs to complete as of yearend Billings during the year Cash collections during the year 2024 2,100,000 4,900,000 2,200,000 1,900,000 2,450,000 2,450,000 2,350,000 2,300,000 5,450,000 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 yearsassuming the following costs incurred and costs to complete information Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amountLoss amounts should be indicated with a minus sign 2024 2025 3,900,000 4,300,000 2826 4,200,000 Costs incurred during the year Estimated costs complete as of yearend 2,100,000 4,900,000 Answer is complete but not entirely correct . 2025 2026 2024 3,000,000 900,000 2,825 243 4,174,757 Revenue Gross profit ) ( 1,200,000 ) ( 300,000 )

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: 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 cost 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