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x 2024 2025 2026 Cost incurred during the year $ 2,291,000 $ 3,555,000 $ 2,259,400 Estimated costs to complete as of year-end 5,609,000 2,054,000 0
x
| 2024 | 2025 | 2026 | |
|---|---|---|---|
| Cost incurred during the year | $ 2,291,000 | $ 3,555,000 | $ 2,259,400 |
| Estimated costs to complete as of year-end | 5,609,000 | 2,054,000 | 0 |
| Billings during the year | 2,110,000 | 3,736,000 | 4,154,000 |
| Cash collections during the year | 1,855,000 | 3,500,000 | 4,645,000 |
Westgate recognizes revenue over time according to percentage of completion.
4. 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.
| 2024 | 2025 | 2026 | |
|---|---|---|---|
| Costs incurred during the year | $ 2,291,000 | $ 3,855,000 | $ 3,255,000 |
| Estimated costs to complete as of year-end | 5,609,000 | 3,155,000 | 0 |
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