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: 2021 2022 2023 cost incurred during the year $ 2,490,000 $ 3,984,000 $ 2,008,600 estimated costs to complete as of year-end 5,810,000 1,826,000 0 billings during the year 2,030,000 4,444,000 3,526,000 cash collections during the year 1,815,000 3,900,000 4,285,000 westgate recognizes revenue over time according to percentage of completion. 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.)

James jones is the owner of a small retail business operated as a sole proprietorship. during 2017, his business recorded the following items of income and expense: revenue from inventory sales $ 147,000 cost of goods sold 33,500 business license tax 2,400 rent on retail space 42,000 supplies 15,000 wages paid to employees 22,000 payroll taxes 1,700 utilities 3,600 compute taxable income attributable to the sole proprietorship by completing schedule c to be included in james’s 2017 form 1040. compute self-employment tax payable on the earnings of james’s sole proprietorship by completing a 2017 schedule se, form 1040. assume your answers to parts a and b are the same for 2018. further assume that james's business is not a service business, and that it has $155,000 unadjusted basis in tangible depreciable property. calculate james's 2018 section 199a deduction.