Hello. Please assist me with part 4&5 of the question and a detailed explanation
Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 23 Reg 2C Reg 3 Reg 4 Reg 5 Calculate the amount of revenue and gross prot (loss) to be recognized in each of the three years using the above information. {Leave no cells blank be certain to enter "D" wherever required. Loss amounts should be indicated with a minus sign.) Revenue Gross prot [loss] 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: 2921 2322 2323 Cost incurred during the year $ 2,184,866 $ 3,518,866 $ 2,316,666 Estimated costs to complete as of year-end 5,516,866 2,166,866 6 Billings during the year 1,888,866 3,894,866 4,366,866 Cash collections during the year 1,588,868 3,488,866 5,668,866 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 prot (loss) to be recognized in each of the three years. 2-6. In the journal below, complete the necessaryjournal entries for the year 2021 {credit \"Various accounts" for construction costs incurred]. 2-b. In thejournal below, complete the necessaryjournal entries for the year 2022 [credit "Various accounts" for construction costs incurred]. 2-c. In thejournal below, complete the necessaryjournal entries for the year 2023 [credit r'V'arious accounts" for construction costs incurred]. 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. 4. Calculate the amount of revenue and gross prot (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. 2321 2322 2323 Cost incurred during the year $2,528,866 $3,868,866 $3,228,866 Estimated costs to complete as of year-end 5,?28,866 3,228,866 6 5. Calculate the amount of revenue and gross prot [loss] to be recognized in each ofthe three years assuming the following costs incurred and costs to complete information. 2321 2322 2323 Cost incurred during the year $2,528,866 $3,868,866 $4,888,866 Estimated costs to complete as of yearend 5,228,866 4,228,866 6 [ Complete this question by entering your answers in the labs below. ' Reql ' RquA RBI] ZB ' Reg 2C Calculate the amount of revenue and gross prot (loss) to be recognized in each of the three years using the above information. {Leave no cells blank be certain to enter "D" wherever required. Loss amounts should be indicated with a minus sign.) Gross prom (loss) m _
