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[The following information applies to the questions displayed below.] In 2021, the Westgate Construction Company...

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Accounting

[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 2023
Cost incurred during the year 2,016,000 2,808,000 2,613,600
Estimated costs to complete as of year end 5,184,000 2,376,000 0
Billings during the year 2,180,000 2,644,000 5,176,000
Cash collections during the year 1,890,000 2,500,000 5,610,000

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 2023
Revenue 2,800,000 3,900,000 3,300,000
Gross Profit (Loss) 784,000 1,092,000 ?

Steps please..

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