CoursHeroTranscribedText: Required information {The foiiowing information applies to the questions dispiayed bellow} In 2021, the...
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CoursHeroTranscribedText: Required information {The foiiowing information applies to the questions dispiayed bellow} In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara lCounty for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2821 2022 2823 Cost incurred during the year $2,188,888 $2,458,888 $2,695,888 Estimated costs to complete as of yearend 4,988,888 2,458,888 8 Billings during the year 2,288,888 2,358,888 5,458,888 Cash collections during the year 1,988,888 2,388,888 5,388,888 ' Westgate recognizes revenue overtime according to percentage of completion. 5. Calculate the amount of revenue and gross profrt (loss) to be recognized in each of the three years assuming the following costs incurred a rid costs to complete information. {Do not round intermediate calculations and round your nal answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.) 2321 2922 2623 Costs incurred during the year $2,188,888 $3,988,888 $4, 288,888 Estimated costs to complete as of yearend 4,988,888 4,388,888 8 Gross profit (loss)
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