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 2019 $2,184,000 $3,510,000 $2,316,600 2,106,000 3,574,000 3,400,000 2018 2020 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 5,616,000 2,120,000 1,860,000 4,306,000 4,740,000 Westgate recognizes revenue over time according to percentage of completion Problem 5-10 Part 5 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. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign) 2019 $2,184,000 $3,860,000 $4,080,000 4,220,000 2018 2020 Cost incurred during the year Estimated costs to complete as of year-end 5,616,000 2018 2019 2020 Revenue $ 2,800,000 $ 3,088,5424,111,458 Gross profit (loss) $ 616,000 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 2019 $2,184,000 $3,510,000 2,316,600 2,106,000 3,574,000 1,860,000 3,400,000 4,740,000 2018 2020 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 5,616,000 2,120,000 4,306,000 Westgate recognizes revenue over time according to percentage of completion Problem 5-10 Part 3 3. Complete the information required below to prepare a partial balance sheet for 2018 and 2019 showing any items related to the contract. (Do not round intermediate calculations.) Balance Sheet (Partial) 2018 2019 Current assets Current liabilities 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 2019 $2,184,000 $3,510,000 $2,316,600 2,106,000 3,574,000 3,400,000 2018 2020 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 5,616,000 2,120,000 1,860,000 4,306,000 4,740,000 Westgate recognizes revenue over time according to percentage of completion Problem 5-10 Part 2 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)