Required information

Problem $6-10($Static$)$ Long$-$term contract; revenue recognition over time $[$L$06-8,6-9]$

$[$The following information applies to the questions displayed below.$]$

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:

Westgate recognizes revenue over time according to percentage of completion.

Required:

Calculate the amount of revenue and gross profit $($loss$)$ to be recognized in each of the three years.

Note: Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.