In 2018 The Westgate Construction Company Entered Into A Contract To Construct A Roa 2620197

In 2018, 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 2020. Information related to the contract is as follows: 201820192020 Cost incurred during the year$2,291,000$3,555,000$2,259,400 Estimated costs to complete as of year-end5,609,0002,054,0000 Billings during the year2,110,0003,736,0004,154,000 Cash collections during the year1,855,0003,500,0004,645,000 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.)