2. record progress billings

3. record cash collections

4. record gross profit (loss).

REQ 2B. same 1-4 for 2022.

REQ 2C. same 1-4 for 2023

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 $2,640,000 6,160,000 2,080,000 1,840,000 2022 $2,300,000 2,660,000 2,860,000 2,800,000 2023 $2,926,000 8 5,060,000 5,360,000 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.) 2021 2022 2023 Revenue Gross profit (loss) Req 2A Req 2B Req 2c In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts (If no entry is required for a transaction/event, select "No journal entry required" in the first account fiel View transaction list Journal entry worksheet