1- Complete the journal entries for 2021 : Record construction costs, Record progress billings, Record cash collections and Record gross profit (loss). 2- Complete the journal entries for 2022 : Record construction costs, Record progress billings, Record cash collections and Record gross profit (loss). 3- Complete the journal entries for 2023 : Record construction costs, Record progress billings, Record cash collections and Record gross profit (loss).

Required information [The following information applies to the questions displayed below.] 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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 2022 2023 $2,400,000 $3,600,000 $2,200,000 5,600,000 2,000,000 2,000,000 4,000,000 4,000,000 1,800,000 3,600,000 4,600,000 Westgate recognizes revenue over time according to percentage of completion