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:

Cost incurred during the year

$2024$: $ $2,640,000$

$2025$: $ $2,300,000$

$2026$: $ $2,926,000$

Estimated costs to complete as of year$-$end

$2024$: $$6,160,000$

$2025$: $$2,660,000$

$2026$: $$0$

Billings during the year

$2024$: $$2,080,000$

$2025$: $$2,860,000$

$2026$: $$5,060,000$

Cash collections during the year

$2024$: $$1,840,000$

$2025$: $$2,800,000$

$2026$: $$5,360,000$

Westgate recognizes revenue over time according to percentage of completion.

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.