Check my work Problem 6-11 (Algo) Long-term contract; revenue recognition upon completion (LO6-9) 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: 2023 $ 1,870,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $ 2,975,000 5,525,000 2,500,000 2,300,000 2022 $3,825,800 1,700,000 4,300,000 4,100,000 Ok 3,200,000 3,600,000 nt ences Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. 2-a. 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.