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In 2 0 2 4 , the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $ 1
In the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $ The road was completed in Information related to the contract is as follows:
Cost incurred during the year $ $ $
Estimated costs to complete as of yearend
Billings during the year
Cash collections during the year
Westgate recognizes revenue over time according to percentage of completion.
Required: Calculate the amount of revenue and gross profit loss to be recognized in each of the three years.
Revenue
Gross Profit loss
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