10 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: ints 2023 $2,200,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,400,000 5,600,000 2,000,000 1,800,000 2022 $3,600,000 2,000,000 4,000,000 3,600,000 4,000,000 4,600,000 eBook Print Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time. eferences Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. 2-a.In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts for construction costs Incurred) 2-b.In the journal below.complete the necessary Journal entries for the year 2022 (credit "Various accounts for construction costs incurred) 2-c. In the journal below, complete the necessary Journal entries for the year 2023 (credit "Various accounts for construction costs incurred) 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract 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. 2021 2022 2023 Cost incurred during the year $2,400,000 $3,800,000 $3,200,000 Estimated costs to complete as of year-end 5,600,000 3,100,000 0 5. 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 10 Estimated costs to complete as of year-end 5,600,000 3, 1 , 5. 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. ints Cost incurred during the year Estimated costs to complete as of year-end 2021 $2,400,000 5,600,000 2022 $3,800,000 4,100,000 2023 $3,900,000 eBook Print References Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 2B Req 2c Reg 3 Reg 4 Reg 5 Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign.) 2021 2022 2023 Revenue Gross profit (loss) Req 2A > Req 1 Req 2A Req 2B Reg 20 Reg 3 Req 4 Reg 5 In the joumal below, complete the necessary journal entries for the year 2021 (credit "Various ac (If no entry is required for a transaction/event, select "No journal entry required in the first acco View transaction list Journal entry worksheet Note: Enter debits before credits. Date General Journal 2021 Debit Credit Record entry Clear entry View general Journal archi Record the construction costs. Note: Enter debits before credits. Date General Journal 2022 Debit Credit Record entry Clear entry View general journal O 81 E S hy Req1 Req 2A Req 2B Req 2c Reg 3 Reg 4 Req 5 In the journal below, complete the necessary journal entries for the year 2023 (credit "Various acco (If no entry is required for a transaction/event, select "No journal entry required" in the first accour View transaction list Journal entry worksheet Record the construction costs. Note: Enter debits before credits. Date General Journal Debit Credit 2023 Record entry Clear entry View general journal Req 1 Req 2A Req 2B Req 2C Reg 3 Reg 4 Reg 5 Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing an the contract. Balance Sheet (Partial) Current assets 2021 2022 $ 0 $ 0 Current liabilities Req 1 Reg 2A Req 2B Req 20 Req3 Req 4 Reg 5 Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using the a information. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be Indicat sign.) 2021 2022 2023 Revenue Gross profit (loss) Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 20 Req3 Reg 4 Req 5 Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using the al information. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicate sign.) 2021 2022 2023 Revenue Gross profit (loss)