In 2024 , the Westgate Construction Company entered into a contract to construct a road...
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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: Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years, assuming the following costs curred and costs to complete information. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using the above information. Note: Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign
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