Exercise 6-23 (Algo) Income (loss) recognition; Long-term contract; revenue recognition over time vs upon project completion [LO6-9]

Please help!! I am lost, especially on 6-23. Thank you so much

In the journal below, complete the necessary journal entries for the year 2024 (credit "Cash, Materials, etc." for construction cost incurred). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits. In the journal below, complete the necessary journal entries for the year 2026 (credit "Cash, Materials, etc." for construction costs incurred). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits. Required information Problem 6-10 (Algo) Long-term contract; revenue recognition over time [L06-8, 6-9] [The following information applies to the questions displayed below.] 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: Westgate recognizes revenue over time according to percentage of completion. Problem 6-10 (Algo) Part 3 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract. Note: Do not round intermediate calculations. In the journal below, complete the necessary journal entries for the year 2025 (credit "Cash, Materials, etc." for construction costs incurred). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record gross profit (loss). Note: Enter debits before credits. In the journal below, complete the necessary journal entries for the year 2026 (credit "Cash, Materials, etc." for construction costs incurred). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits. In the journal below, complete the necessary journal entries for the year 2026 (credit "Cash, Materials, etc." for construction costs incurred). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits. Required information Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 6-9] [The following information applies to the questions displayed below.] 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: Westgate recognizes revenue over time according to percentage of completion. Problem 6-10 (Algo) Part 2 2-a. In the journal below, complete the necessary journal entries for the year 2024 (credit "Cash, Materials, 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 journal entries for the year 2026 (credit "Cash, Materials, etc." for construction costs incurred). Complete this question by entering your answers in the tabs below. 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract. Note: Do not round intermediate calculations. In the journal below, complete the necessary journal entries for the year 2026 (credit "Cash, Materials, etc." for construction costs incurred). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 4 Note: Enter debits before credits. In the journal below, complete the necessary journal entries tor the year U4 (creaIt "Lasn, Materials, etc." tor construction costs incurred). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits. In the journal below, complete the necessary journal entries for the year 2025 (credit "Cash, Materials, etc." for construction costs incurred). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 4 Note: Enter debits before credits. In the journal Delow, complete the necessary journal entries tor the year U4 (crealt "Casn, Materials, etc." tor construction costs incurred). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record gross profit (loss). Note: Enter debits before credits. In the journal below, complete the necessary journal entries for the year U4 (creait "Casn, Materials, etc." tor construction costs incurred). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record progress billings. Note: Enter debits before credits. In the journal below, complete the necessary journal entries for the year 2025 (credit "Cash, Materials, etc." for construction costs incurred). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 4 Record construction costs. Note: Enter debits before credits. Exercise 6-23 (Algo) Income (loss) recognition; Long-term contract; revenue recognition over tim vs. upon project completion [LO6-9] Brady Construction Company contracted to build an apartment complex for a price of $6,500,000. Construction began in 2024 and was completed in 2026 . The following is a series of independent situations, numbered 1 through 6 , involving differing costs for the project. All costs are stated in thousands of dollars. Required: Complete the following table. Note: Do not round intermediate calculations. Enter your answers in whole dollars and not in thousands of dollars (i.e., $400 thousand should be entered as $400,000 ). Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign. work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Required: Complete the following table. Note: Do not round intermediate calculations. Enter your answers in whole dollars and not in thousands of dollars (i.e., $400 thousand should be entered as $400,000 ). Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign. In the journal below, complete the necessary journal entries for the year 2025 (credit "Cash, Materials, etc." for construction costs incurred). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits