6-1 (Static) Long-term contract; revenue recognition over time [LO6-8, 6-9] [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 2021 2022 2023 $2,400,000 $3,600,000 $2,200,000 Estimated costs to complete as of year-end Billings during the year Cash collections during the year 5,600,000 2,000,000 1,800,000 2,000,000 4,000,000 4,000,000 3,600,000 4,600,000 0 Westgate recognizes revenue over time according to percentage of completion. Problem 6-10 (Static) Part 3 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.) Balance Sheet (Partial) 2021 2022 Current assets: Accounts receivable Construction in progress Less: Billings Current liabilities: $ 0 $ 0 $ 0 $ 0 0 0 0 0