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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 2022 $2,400,000 $3,600,000 5,600,000 2,000,000 2,000,000 4,000,000 1,800,000 3,600,000 2023 $2,200,000 0 4,000,000 4,600,000 Westgate recognizes revenue over time according to percentage of completion 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). Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required information Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg 2A Reg 28 Reg 20 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.) Date General Journal Debit Credit 2021 Construction in progress 2,400,000 Various accounts 2,400,000 NO 1 2 2021 Construction receivable Billings on construction contract 2,000,000 2.000.000 3 2021 Cash Construction receivable 1.800.000 1.800,000 4 2021 Cost of construction Construction in progress Revenue from long-term contracts 00 8.200.000 1.800,000 10,000,000 D Required information Complete this question by entering your answers in the tabs below. Req 2A Reg 2B Reg 2c In the journal below, complete the necessary journal entries for the year 2022 (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.) No Date General Journal Credit 1 2022 Construction in progress Various accounts Debit 3,600,000 3,600,000 2 2022 Construction receivable Billings on construction contract 4,000,000 O 4,000,000 3 2022 Cash Construction receivable 3,600,000 ol 3,600,000 4 2022 Cost of construction Construction in progress Revenue from long-term contracts OOO 0 % 0 0 % Required information Complete this question by entering your answers in the tabs below. 5 Req 2A Reg 28 Req 2c In the journal below, complete the necessary Journal entries for the year 2023 (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.) No Date General Journal Credit 1 2023 Construction in progress Various accounts Debit 2,200,000 2,200,000 2 2023 4,000,000 Construction receivable Bitings on construction contract 4,000,000 3 2023 Cash Construction receivable 4,600,000 4,600,000 4 2023 Cost of construction Construction in progress Revenue from long-term contracts 8,200,000 1.800.000 0 10,000,000 O 400,000 0 Return to qu [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 $2,400,000 5,600,000 2,000,000 1,800,000 2022 $3,600,000 2,000,000 4,000,000 3,600,000 2023 $2,200,000 0 4,000,000 4,600.000 Westgate recognizes revenue over time according to percentage of completion. 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.) Costs incurred during the year Estimated costs to complete as of year-end 2023 $2,400,000 5,600,000 2022 $3,800,000 3.100.000 2023 $3,200,000 0 Answer is complete and correct. Revenue Gross profils $ $ 2021 3.000.000 $ 500.000 2022 3.666,666 (133,334) 2023 3.333 334 133,334 [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 2022 $2,400,000 $3,600,000 5,600,000 2,000,000 2,000,000 4,000,000 1,800,000 3,600,000 2023 $2,200,000 0 4,000,000 4,600,000 Westgate recognizes revenue over time according to percentage of completion. 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. (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.) Coats incurred during the year Estimated costs to complete as of year-end 2021 $2,400,000 5,600,000 2022 $3,800,000 4,100,000 2023 $3,900,000 0 Answer is complete but not entirely correct. $ Revenue Gross profit (oss) 2021 3,000,000 600.000 IS 2022 3,199,982 S (600,018) 3 S 2023 3,800,018 (90,002) S
