Business, 28.11.2021 07:30 bullockarwen

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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 $ 2,072,000 $ 2,738,000 $ 2,849,000
Estimated costs to complete as of year-end 5,328,000 2,590,000 0
Billings during the year 2,160,000 2,650,000 5,190,000
Cash collections during the year 1,880,000 2,700,000 5,420,000

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.)

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