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et to search No results Options 6C - LT Contracts Saved Help Save Ti ne 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 $2,238,800 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,610,899 6,390,000 2,100,000 1,850,000 2022 $3,162,800 2,028,888 3,672,000 3,000,000 4,228,888 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 ere to search Options ter 6C - LT Contracts Saved Help Save 2023 $2,238,800 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 $3,162,000 2,028,000 3,672,000 3,800,000 4,228,000 5,158,888 Westgate recognizes revenue over time according to percentage of completion. RE ped 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.) ences 2021 2022 2023 Revenue Gross profit (loss) Te to search