[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 Cost incurred during the year $2,610,000 $3,162,000 2023 $2,230,800 Estimated costs to complete as of year-end Billings during the year 6,390,000 2,028,000 2,100,000 3,672,000 4,228,000 1,850,000 3,000,000 5,150,000 0 Cash collections during the year 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 Revenue $ 2,900,000 Gross profit (loss) < Prev 3 2023 4 9 5 7 of 8 Next >