CHAPTER 5 Revenue Recognition be Westgate Construction Company entered into a contract to construct a road for Santa 000.000. The road was completed in 2020. Information related to the O. Information related to the contract is as follows: nue Recognition 287 In 2018, the Westga for $10,000,000. The construct a road for Santa Clara County enue over 5-9 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2018 $2,400.000 5,600,000 2,000,000 1,800,000 2019 $3,600,000 2,000,000 4,000,000 3,600,000 2020 $2,200,000 -0- 4,000,000 4,600,000 monizes revenue over time according to percentage of completion. Westgate recognizes revenue over time Required: alculate the amount of revenue and gross profit to be recognized in each of the three years. Prepare all necessary journal entries for each of the years (credit "various accounts for construction costs incurred). Prepare a partial balance sheet for 2018 and 2019 showing any items related to the contract. Indicate whether any of the amounts shown are contract assets or contract liabilities. 4 Calculate the amount of revenue and gross profit to be recognized in each of the three years assuming the following costs incurred and costs to complete information: 2018 2019 2019 2020