Required information Problem 6-10 (Static) 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 Comp entered 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 followa 2021 2022 Cost incurred during the year 2023 $2,400,000 Estimated costs to complete as of year-end Billings during the year Cash collections during the year $3,600,000 $2,200,000 5,600,000 2,000,000 1,800,000 3,600,000 2,000,000 0 4,000,000 4,000,000 4,600,000 recognizes revenue over time according to percentage of completion.