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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:

	2024	2025	2026
Cost incurred during the year	$ 2,400,000	$ 3,600,000	$ 2,200,000
Estimated costs to complete as of year-end	5,600,000	2,000,000	0
Billings during the year	2,000,000	4,000,000	4,000,000
Cash collections during the year	1,800,000	3,600,000	4,600,000

Westgate recognizes revenue over time according to

Required:

1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years.

Note: Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.