[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:

2021			2022			2023
Cost incurred during the year	$	2,016,000		$	2,808,000		$	2,613,600
Estimated costs to complete as of year-end		5,184,000			2,376,000			0
Billings during the year		2,180,000			2,644,000			5,176,000
Cash collections during the year		1,890,000			2,500,000			5,610,000

1-

	2021	2022	2023
Revenue	2800000	3900000	??
Gross profit(loss)	784000	??	??

2-Record construction costs

2021: 2022 and 2023

Construction in progress

Construction in progress

3- Record progress billings.

Current assts:

current liabilities

4- Record cash collections.

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. (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.)

	2021			2022			2023
Costs incurred during the year	$	2,016,000		$	3,890,000		$	3,290,000
Estimated costs to complete as of year-end		5,184,000			3,190,000			0

5- Record gross profit (loss)

6-Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract.