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 $2,523,000 $3,177,000 $1,980,000 Cost incurred during the year Estimated costs to complete as of year-end 6,177,000 1,800,000 Billings during the year 2,070,000 3,630,000 4,300,000 Cash collections during the year 1,835,000 3,400,000 4,765,000 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.) Answer is complete and correct 2016 2017 2018 2,900,000V 4,700,000 2,400,000 Revenue 377,000 1,523,000 420,000 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.) Answer is not complete Date General Journal Debit Credit 377,000X 2016 Cost of construction 377,000 Cost of construction 2016 Cost of construction 2016 Cash 377,000 2016 Cash xu Revenue from long-term contracts 377,000