In 2016, 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 2018. Information related to the contract is as follows: 2016 2017 2018 $2,044,000 $2,628,000 $2,890,800 Cost incurred during the year Estimated costs to complete as of year-end 5,256,000 2,628,000 Billings during the year 2,170,000 2,502,000 5.328,000 Cash collections during the year 1,885,000 2,600,000 5,515,000 Westgate recognizes revenue over time according to percentage of completion Required: 1. Calculate the amount of revenue and gross profit to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) 2018 2016 2017 Revenue Gross profit (loss) 2-a. In the journal below, complete the necessary journal entries for the year 2016 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list view general journal Journal Entry Worksheet 1 2 3 4 Record construction costs. General Journal Debit Credit Date 2016 *Enter debits before credits done clear entry record entry