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Required information Problem 6-10 (Algo) Long-term contract; revenue recognition over time [L-06-8, 6-9] (The following information applies to the questions displayed be/ovv.j In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for The road was completed in 2026. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end ail lings during the year Cash collections during the year 2024 2, 61e,o 6, 39e, 2, lee, 2e25 2, 028 ,e 3, o,e 2026 2,230, saa 4, 228, aaa Westgate recognizes revenue over time according to percentage of completion. Problem 610 (Algo) Part 1 Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each ofthe three years. Note: Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. Answer is complete but not entirely correct. Revenue Gross profit (loss) s 2024 290,000 e s 2025 -950,000 e s 150,000