Problem 5-10 Long-term contract; revenue recognition over time In 2016, the Westgate Construction Company entered into 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: 2016 2017 2018 $2,400,000 $3,600,000 $2,200,000 Cost incurred during the year Estimated costs to complete as of year-end 5,600,000 2,000,000 Billings during the year 2,000,000 4,000,000 4,000,000 Cash collections during the year 1,800,000 3.600.000 4.600.000 Westgate recognizes revenue over time according to percentage of completion Required 1. Calculate the amount of revenue and gross profit (loss) to recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign 2016 2017 2018 Revenue Gross profit (loss)