9 In 2021, the Westgate Construction Company entered into a contract to construct a road for...

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9 In 2021, the Westgate Construction Company entered into a contract to construct a road for Saints 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 11 Billings during the year Cash collections during the year 2021 $1,584,808 2822 $3,240,000 2023 $2,613,680 5,616,000 1,200,000 1,000,000 2,376,000 3,624,088 2,888,688 e 5,176,880 5,280,000 Book References Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition overtime. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. 2-s. In the journal below, complete the necessary joumal 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 Cost incurred during the year Estimated costs to complete as of year and 2021 $2,588,000 5,788,000 2822 $3,890,888 3,280,888 2823 $3,280,000 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. Cost incurred during the year Estimated costs to complete as of year and 2821 $2,580,000 5,788,000 2822 $3,800,000 4,280,000 2823 $4,178,080 Complete this question by entering your answers in the tabs below. ke 1 24 Req 28 20 Reg 3 Reg 4 Req 5 Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Leave no celis blank-be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign.) 2021 Revenue Gross profit (os) 2022 2023 F Req 2A > 9 In 2021, the Westgate Construction Company entered into a contract to construct a road for Saints 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 11 Billings during the year Cash collections during the year 2021 $1,584,808 2822 $3,240,000 2023 $2,613,680 5,616,000 1,200,000 1,000,000 2,376,000 3,624,088 2,888,688 e 5,176,880 5,280,000 Book References Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition overtime. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. 2-s. In the journal below, complete the necessary joumal 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 Cost incurred during the year Estimated costs to complete as of year and 2021 $2,588,000 5,788,000 2822 $3,890,888 3,280,888 2823 $3,280,000 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. Cost incurred during the year Estimated costs to complete as of year and 2821 $2,580,000 5,788,000 2822 $3,800,000 4,280,000 2823 $4,178,080 Complete this question by entering your answers in the tabs below. ke 1 24 Req 28 20 Reg 3 Reg 4 Req 5 Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Leave no celis blank-be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign.) 2021 Revenue Gross profit (os) 2022 2023 F Req 2A >