1. Calculate the amount of revenue and gross profit 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.)

  

2. Calculate the amount of revenue and gross profit 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.) 

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In 2016, 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 2018. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2016 2017 2018 $2,610,000 $3,162,000 $2,230,800 2,028,000 3,672,000 4,228,000 5,150,000 6,390,000 2,100,000 1,850,000 3,000,000 0 Westgate recognizes revenue over time according to percentage of completion. Cost incurred during the year Estimated costs to complete as of year-end Revenue Gross profit (loss) 2016 2017 2016 2017 2018 $2,610,000 $3,850,000 $3,250,000 6,390,000 3,150,000 2018 0 Cost incurred during the year Estimated costs to complete as of year-end Revenue Gross profit (loss) 2016 2017 2016 2017 $2,610,000 $3,850,000 6,390,000 4,200,000 2018 2018 $4,050,000 0 In 2016, 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 2018. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2016 2017 2018 $2,610,000 $3,162,000 $2,230,800 2,028,000 3,672,000 4,228,000 5,150,000 6,390,000 2,100,000 1,850,000 3,000,000 0 Westgate recognizes revenue over time according to percentage of completion. Cost incurred during the year Estimated costs to complete as of year-end Revenue Gross profit (loss) 2016 2017 2016 2017 2018 $2,610,000 $3,850,000 $3,250,000 6,390,000 3,150,000 2018 0 Cost incurred during the year Estimated costs to complete as of year-end Revenue Gross profit (loss) 2016 2017 2016 2017 $2,610,000 $3,850,000 6,390,000 4,200,000 2018 2018 $4,050,000 0