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 $1,797,400 Cost incurred during the year Estimated costs to complete as of year- end Billings during the year Cash collections during the year 2018 $3,096,000 5,504,000 2,600,000 2,400,000 2019 $3,870,000 1,634,000 4,366,000 4,200,000 3,034,000 3,400,000 4. 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 cost incurred during the year Estimated costs to complete as of year- 2018 $2,460,000 5,660,000 2019 $3,830,000 3,160,000 2020 $3,260,000 end 220:07 5. 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 Lok Cost incurred during the year Estimated costs to complete as of year- Punt 2018 $2,460,000 .660.000 2019 $3,830,000 4.160,000 2020 $3,990,000 end Complete this question by entering your answers in the tabs below. Regi Reg 2 Reg 2 Reg 2C Reg 3 Reg 4 Reg 5 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. (Leave no cells blank - be certain to enter "O" whenever required. Loss amounts should be indicated with a minos sign.) 2018 2019 2020 Revenue Gross profess) Res > 4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following co incurred and costs to complete information 2018 $2,460,000 660.000 Cost incurred during the year Estimated costs to complete as of year- end 2019 $3,830,000 3,160,000 2020 $3,260,000 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following cost incurred and costs to complete information. Cost incurred during the year Estimated costs to complete as of year end 2018 $2,460,000 5,660,000 2019 ||$3,830,000 4,160,000 2020 $3,990,000 -nces Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 2B Reg 20 Reg 3 Reg 4 Reg 5 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. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign.) 2018 2019 2020 Revenue Gross profit (loss)
