Problem 2 - Long-term Contracts In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows ($ in millions) 2022 $3,800,000 2021 $2,400,000 2023 $2,200,000 Costs incurred during the year Estimated costs to complete as of December 31 5,600,000 2,000,000 0- 1. Determine how much revenue and gross profit Westgate will eport in its 2021, 2022, and 2023 income statement assuming Westgate recognized revenue over time according to percentage of completion. 2. Determine how much revenue and gross profit Westgaten will report in its 2021, 2022, and 2023 income statement assuming Westgate does not qualify to recognize revenue over time