help! I can't seem to figure this out.
Required information [The following information applies to the questions displayed below) 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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,640,000 6,160,000 2,080,000 1,840,000 2022 $2,300,000 2,660,000 2,860,000 2,800,000 2023 $2,926,000 0 5,060,000 5,360,000 Westgate recognizes revenue over time according to percentage of completion. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) 2021 2022 2023 Revenue Gross profit (loss) Required information [The following information applies to the questions displayed below.) 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: Coat incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,640,000 6,160,000 2,080,000 1,840,000 2022 $2,300,000 2,660,000 2,860,000 2,800,000 2023 $2,926,000 0 5,060,000 5,360,000 Westgate recognizes revenue over time according to percentage of completion 2-a. In the journal below, complete the necessary journal 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). 2.c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts for construction costs incurred). Complete this question by entering your answers in the tabs below. Req 2A Req 28 Req 2c In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Req 2A Req 2B Req 2c In the joumal below, complete the necessary joumal entries for the year 2021 (credit "Various accounts for construction costs incurred). (If no entry is required for a transaction/event, select "No joumal entry required" in the first account field.) View transaction list Journal entry worksheet - Record construction costs. ences Note: Enter debits before credits. Debit Credit Date General Journal 2021 Record entry Clear entry View general journal Deck my work Required information Req 2A Req 2B Req 2c 5 In the joumal below, complete the necessary journal entries for the year 2021 (credit "Various accounts for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Record progress billings. It rences Note: Enter debits before credits. General Journal Debit Credit Date 2021 Record entry Clear entry View general journal In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts for construction costs incurred). (If no entry is required for a transaction/event, select "No joumal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 > Record cash collections. Note: Enter debits before credits Debit General Journal Date Credit 2021 View general journal Record entry Clear entry In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet
