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:

$\backslash$table$[[$Cost incurred during the year,$2024,2025,2026],[$Estimated costs to complete as of year$-$end,$$1,875,000,$$$3,375,000,$$$2,475,000$

Please see required

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 qualify for revenue recognition over time.

Requlred:

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 $2024($credit "Cash, Materials, etc." for construction costs incurred$).$

$2-$b$.$ In the journal below, complete the necessary journal entries for the year $2025($credit "Cash, Materials, etc." for construction costs incurred$).$

$2-$c$.$ In the journal below, complete the necessary journal entries for the year $2026($credit "Cash, Materials, etc." for construction costs incurred$).$

Complete the information required below to prepare a partial 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.

$\backslash$table$[[$Cost incurred during the year,$2024,2025,2026],[$Estimated costs to complete as of year$-$end,$$2,550,000,$$$3,875,000,$$$3,250,000-$Please see all required Req $1-$Req $5$