2. Record progress billings

3. Record cash collections

4. Record gross profit (loss)

2B and 2C are the same questions but for 2022 and 2023 respectively

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: Westgate recognizes revenue over time according to percentage of completion. equired: . Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate alculations. Loss amounts should be indicated with a minus sign.) In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 4 Note: Enter debits before credits. 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. (Do not round intermediate calculations.) 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.)