Ch 6 Assignments i Saved Help Save & Exit Submit Check my work 00 ! Required information [The following information applies to the questions displayed below.] Part 1 of 5 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: 10 points 2021 $2,523,000 6,177,000 2,070,000 1,835,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2022 $3,177,000 1,800,000 3,630,000 3,400,000 2023 $1,980,000 0 4,300,000 4,765,000 eBook Print References 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 $ 2,900,000 $ 3,483,000 $ 3,617,000 Revenue Gross profit (loss)