Required Information 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 contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,542,000 5,658,000 2,020,000 1,810,000 2022 $3,772,000 1,886,000 4,294,000 3,800,000 2023 $2,074,600 8 3,686,000 4,390,000 Westgate recognizes revenue over time according to percentage of completion Problem 6-10 (Algo) 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 slgn.) 2021 2022 2023 Revenue Gross profit (loss)