$[$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:

$202420252026$

Cost incurred during the year $ $2,523,000$ $ $3,177,000$ $ $1,980,000$

Estimated costs to complete as of year$-$end $6,177,0001,800,0000$

Billings during the year $2,070,0003,630,0004,300,000$

Cash collections during the year $1,835,0003,400,0004,765,000$

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.

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.

$202420252026$

Costs incurred during the year $ $2,523,000$ $ $3,835,000$ $ $4,005,000$

Estimated costs to complete as of year$-$end $6,177,0004,170,0000$