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Requlred Information Problem 6-10 (Static) Long-term contract; revenue recognition over time [LO6-8, 6-9] [The following information applies to the questions displayed below.] In 2024, the
Requlred Information Problem 6-10 (Static) Long-term contract; revenue recognition over time [LO6-8, 6-9] [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. Problem 6-10 (Static) Part 4 4. 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 Intermedlate caleulations and round your final answers to the nearest whole dollar amount. Loss amounts thould be Indleated with a minus slgn
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