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Complete this question by entering your answers in the tabs below. Complete the information required below to prepare a partial balance sheet for 2024 and
Complete this question by entering your answers in the tabs below. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items relatec the contract. In 2024, 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 2026. Information related to the contract is as follows: Assume that Westgate Construction's contract with Santa Clara County does not qualify for fevenue recognition over time. Required: 1. Caiculate 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 journal entries for the year 2024 (credit "Cash, Moterials, etc" for construction costs incurred). 2-b. In the journal below, complete the necessary journal entries for the year 2025 (credit "Cash, Materials, etc" for construction costs incurred). 2-c. In the journal below, complete the necessary joumal entries for the year 2026 (credit "Cash, Materials, etc" for construction costs incurred). 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract. 4. Calculate the amount of revenue and gross proft (loss) to be recognized in each of the three years, assuming the following costs incurred and costs to complete information. Complete this question by entering your answers in the tabs below. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using information. Note: Leave no cells blank - be certain to enter " 0 " wherever required. Loss amounts should be indicated Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using the information. Note: Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with
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