3 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: 6 points 2022 $3,285,000 2023 $2,569,600 Skipped 2021 Cost incurred during the $1,679,000 year Estimated costs to 5,621,000 complete as of year-end Billings during the year 1,300,000 Cash collections during 1,100,000 the year 2,336,000 3,664,000 2,900,000 0 5,036,000 6,000,000 eBook References Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time. 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 $2,570,000 $3,885,000 $3,270,000 Estimated costs to complete as of year-end 5,770,000 3,270,000 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. 2022 2023 $3,885,000 $4,155,000 2021 Cost incurred during $2,570,000 the year Estimated costs to complete as of year-end 5,770,000 4,270,000 0