In 2018, 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 2020. Information related to the contract is as follows: 2020 $2,475,000 Cost incurred during the year Estimated costs to complete as of year- end Billings during the year Cash collections during the year 2018 $1,875,000 5,625,000 1,500,000 1,300,000 2019 $3,375,000 2,250,000 3,750,000 3,100,000 4,750,000 5,600,000 Westgate Construction uses the completed contract method of accounting for long-term construction contracts. Required: 1. 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 2018 (credit "Various accounts" for construction costs incurred). 2-b. In the journal below, complete the necessary journal entries for the year 2019 (credit "Various accounts" for construction costs incurred). 2-c. In the journal below, complete the necessary journal entries for the year 2020 (credit "Various accounts" for construction costs incurred). 3. Complete the information required below to prepare a partial balance sheet for 2018 and 2019 showing any items related to the contract. Journal entry worksheet 2 3 4 Record the construction costs. Note: Enter debits before credits. Date General Journal Debit Credit 2019 Req 1 Req 2A Reg 2B Req 2C Calculate the amount of revenue and gross profit (loss) t certain to enter "0" wherever required. Loss amounts sho 2018 2019 2020 Revenue Gross profit (loss) Req 1 Req 2A Req 2B Req 20 Req3 Reg 4 Complete the information required below to prepare a partial balance sheet for 2018 and the contract. 2018 2019 Balance Sheet (Partial) Current assets: Current liabilities