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 $2,204,000 $3,192,000 $2,424,400 2,204,000 3, 256,000 1,870,000 3,200,000 ,930,000 2018 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 5,396,000 2,140,000 4,604,000 Westgate recognizes revenue over time according to percentage of completion. Problem 5-10 Part 1 Required 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) 2018 2019 2020 Revenue $2,900,000$4,200,000 $2,900,000 Gross profit (loss) 0 $1,996,000