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Chapter 6 Problems 7 Problem 6-11 (Algo) Long-term contract; revenue recognition upon completion [LO6-9) 5 points 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: Suipped Cout incurred during the year Estimated costs to complete an of year-end Billinge during the year Chish collections during the year 2021 $2,511,000 5.589,000 2.100,000 1,900,000 2022 $3,645,000 1,940,000 4,056,000 3,700,000 2023 $2,138,400 0 3,344.000 4,400.000 look Print ferences 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 journal entries for the year 2021 (credit "Various accounts for construction costs Incurred) 2b. In the journal below.complete the necessary Journal ontries 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). 3. Complete the information required below to prepare a partial balance sheet for 2025 and 2022 showing any items related to the contract 4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information 2023 coat incurred during the year $2.410.000 $3,805,000 53,210,000 Kasinated cost to complete all of your and 5,610,000 2021 2022 3.110.000 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. $3,210.000 cost incurred during the year Estimated costs to complete as of year-end $2.410.000 5, 610,000 $1,805,000 1.110,000 Toprad eBook S. Calculate the amount of revenue and gross profit (los) to be recognized in each of the three years assuming the following costs incurred and costs to complete information 2021 2022 Cont incurred during the year 2023 $2,410,000 $3,805,000 $3,915,000 Estimated contato complete As of year-end 5,610,000 4,110,000 Print Complete this question by entering your answers in the tabs below. References Reg1 Reg 2A Reg 28 Reg 20 Reg 3 Reg 4 Regs Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Leave no cells blank.be certain to enter "o" wherever required. Loss amounts should be indicated with a minus sign) 2021 2022 2023 Revenue Gross profit (s) Reg 2A >