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Homework answers / question archive / In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000

In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000

Accounting

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: 2023 $3,649, 2ee Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,581,880 6,319, eee 2,690,00 1,845, eee 2022 $2,347,880 2,772,00 2,838,00 2,900, eee 5,072,eee 5,255,000 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 slgn.) 2021 2022 2023 Revenue Gross profit (loss)

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