Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 6-9) The following information applies to the questions displayed below) 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 content is as follows: 2021 2922 2823 Cost incurred during the year $2,540,000 $2,300,000 $2,526,900 Estimated costs to complete as of year-end 6,100,000 2,000,000 Billings during the year 2,000,000 2,300,000 5.000.000 Cash collections during the year 1,840,000 2.800,000 5.350,000 Westgate recognizes revenue over time according to percentage of completion Problem 6-10 (Algo) Part 5 S. Calculate the amount of revenue and gross profit (los) 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 finanswers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign 2022 200 2012 Costs incurred during the year 52, 640,000 $3,500,000 59,020,000 Estimated costs to complete as of year-end 0,168,000 4.190. a 2022 2023 |Revenue Gross profit 2021 3.000.000 360.000 Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 6-9) The following information applies to the questions displayed below) 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 content is as follows: 2021 2922 2823 Cost incurred during the year $2,540,000 $2,300,000 $2,526,900 Estimated costs to complete as of year-end 6,100,000 2,000,000 Billings during the year 2,000,000 2,300,000 5.000.000 Cash collections during the year 1,840,000 2.800,000 5.350,000 Westgate recognizes revenue over time according to percentage of completion Problem 6-10 (Algo) Part 5 S. Calculate the amount of revenue and gross profit (los) 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 finanswers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign 2022 200 2012 Costs incurred during the year 52, 640,000 $3,500,000 59,020,000 Estimated costs to complete as of year-end 0,168,000 4.190. a 2022 2023 |Revenue Gross profit 2021 3.000.000 360.000