please help me to solve this problem [The following information applies to the questions displayed below.]In 2021, the Weslgate 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:2022Cost incurred during the year2021$2,291,0002023$2,259,400$3,555,000Estimated costs to complete as of year-endBillings during the year5,609,0002,054,00002,110,000 3,736,000Cash collections during the year4,154,0004,645,0001,855,0003,500,000Westgate recognizes revenue over time according to percentage of completion.4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costsincurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearestwhole dollar amount. Loss amounts should be indicated with a minus sign.)202120222023Costs incurred during the yearEstimated costs to complete as of year-end$2,291,000 $3,855,000 $3,255,0005,609,000 3,155,000202120222023RevenueGross profit (loss)

Contract costing refers to a method of costing which is used to track or measure the cost associated…

4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.) 2021 2022 2023 Costs incurred during the year Estimated costs to complete as of year-end $2,291,000 $3,855,000 $3,255,000 5,609,000 3,155,000 0 2021 2022 2023 Revenue Gross profit (loss)