Problem $6-10($Algo$)$ Long$-$term contract; revenue recognition over time $[$LO$6-8,6-9]$

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In $2024,$ 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 $2026.$ Information related to the contract is as follows:

$202420252026$

Cost incurred during the year $ $2,044,000$ $ $2,628,000$ $ $2,890,800$

Estimated costs to complete as of year$-$end $5,256,0002,628,0000$

Billings during the year $2,170,0002,502,0005,328,000$

Cash collections during the year $1,885,0002,600,0005,515,000$

Westgate recognizes revenue over time according to percentage of completion.

Problem $6-10($Algo$)$ Part $5$

$5.$ Calculate the amount of revenue and gross profit $($loss$)$ to be recognized in each of the three years, assuming the following costs incurred and costs to complete information.

Note: 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.

$202420252026$

Costs incurred during the year $ $2,044,000$ $ $3,885,000$ $ $4,155,000$

Estimated costs to complete as of year$-$end $5,256,0004,270,0000$