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Can someone help me with all the parts? Especially number3, 4, and 5. Please 3.10,00 points In 2016, the Westgate Construction Company entered into a
Can someone help me with all the parts? Especially number3, 4, and 5. Please
3.10,00 points In 2016, 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 2018. Information related to the contract is as follows: 2016 5,400,000 2018 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2017 $3,600,000 $4,050,000 $1,485,000 ,350,000 3,000,000 4,650,000 2,350,000 2,700,000 4,600,000 2,600,000 0 Westgate Construction uses the completed contract method of accounting for long-term construction contracts Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. Loss amounts should be indicated with a minus sign.) 2016 2017 2018 Revenue Gross profit (loss)Step by Step Solution
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