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 $2,550,000 5,950,000 2,050,000 1,825,000 2022 $4,250,000 1,700,000 4,750,000 4,100,000 2023 $1,870,000 0 3,200,000 4,075,000 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 sign.) 2022 2023 $ Revenue Gross profit (loss) 2021 3,000,000 450,000 $