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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 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:
Assume that Westgate Construction's contract with Santa Clara County does not quallfy for revenue recognition over time.
Required:
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 entrles for the year 2024(credit "Cash, Materlals, etc." for construction costs
Incurred).
2-b. In the journal below, complete the necessary journal entrles for the year 2025(credit "Cash, Materlals, etc." for construction costs
Incurred).
2-c. In the Journal below, complete the necessary journal entries for the year 2026(credit "Cash, Materlals, etc." for construction costs
Incurred).
Complete the information required below to prepare a partlal balance sheet for 2024 and 2025 showing any Items related to the
contract.
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.
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.
Complete this question by entering your answers in the tabs below.
Req 1
Req 2A
Req 2B
Req 4
Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years.
Note: Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign.
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