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
![Required information<br>[The following information applies to the questions displayed below.]<br>In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for<br>$10,000,000. The road was completed in 2023. Information related to the contract is as follows:<br>2021<br>$2,100,000<br>4,900,000<br>2,200,000<br>1,900,000<br>2022<br>2023<br>$2,695, 000<br>Cost incurred during the year<br>Estimated costs to complete as of year-end<br>Billings during the year<br>Cash collections during the year<br>$2,450,000<br>2,450, 000<br>2,350,000<br>2,300, 000<br>5,450,000<br>5,800,000<br>Westgate recognizes revenue over time according to percentage of completion.<br>Required:<br>1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate<br>calculations. Loss amounts should be indicated with a minus sign.)<br>2021<br>2022<br>2023<br>Revenue<br>Gross profit (loss)<br>](https://s3.us-east-1.amazonaws.com/storage.unifolks.com/qimg-008/008_k4w6zz0-1ed1moe2.png)
Extracted text: Required information [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 $2,100,000 4,900,000 2,200,000 1,900,000 2022 2023 $2,695, 000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $2,450,000 2,450, 000 2,350,000 2,300, 000 5,450,000 5,800,000 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 Gross profit (loss)