In 2016, 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 2018. Information related to the contract is as follows: 2016 2017 2018Cost incurred during the year $2,523,000 $3,177,000 $1,980,000 Estimated costs to complete as of year-end 6,177,000 1,800,000 0 Billings during the year 2,070,000 3,630,000 4,300,000 Cash collections during the year 1,835,000 3,400,000 4,765,000Westgate recognizes revenue over time according to the percentage of completion. Required:Calculate the amount of revenue and gross profit to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.)
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