The following information applies to the questions displayed below

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 $ 2,204,000   $ 3,192,000   $ 2,424,400  

Estimated costs to as of year-end   5,396,000     2,204,000       0

Billings during the year   2,140,000     3,256,000     4,604,000  

Cash collections during the year   1,870,000     3,200,000     4,930,000    

Westgate recognizes revenue over time according to percentage of completion.

5. 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. (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.)

  2021 2022 2023

Costs incurred during the year $ 2,204,000   $ 3,870,000   $ 4,110,000  

Estimated costs to as of year-end   5,396,000     4,240,000     0  

2021 2022 2023 for revenue and gross profit ??

Revenue

Gross profit (loss)