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...





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:






























































202120222023
Cost incurred during the year$2,204,000$3,192,000$2,424,400
Estimated costs to complete as of year-end5,396,0002,204,0000
Billings during the year2,140,0003,256,0004,604,000
Cash collections during the year1,870,0003,200,0004,930,000


Westgate recognizes revenue over time according to percentage of completion.








Problem 6-10 (Algo) Part 5




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.)






































202120222023
Costs incurred during the year$2,204,000$3,870,000$4,110,000
Estimated costs to complete as of year-end5,396,0004,240,0000





Jun 11, 2022
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