Required information Problem 5-10 Long-term contract; revenue recognition over time [LO5-8, 5-9] [The following information applies to the questions displayed below.] In 2018, 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 2020. Information related to the contract is as follows: 2020 2019 $2,640,000 $2,300,000 $2,926,000 2,660,000 2,080,000 2,860,000 5,060,000 1,840,000 2, 800,000 5,360,000 2018 Cost incurred during the yea:r Estimated costs to complete as of year-end Billings during the year Cash collections during the year 6,160,000 Westgate recognizes revenue over time according to percentage of completion