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 $2,581,000 $2,347,000 $3,049,200 2,772,00e 2018 2020 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 6,319,000 2,090,000 1,845,000 2,838,000 5,072,000 5,255,000 2,900,0e0 Westgate recognizes revenue over time according to percentage of completion 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. 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 2019 $2,581,000 $3,845,000 3,245,000 2018 2020 Cost incurred during the year Estimated costs to complete as of year-end 6,319,000 3,145,000 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. 2019 $2,581,000 3,845,000 $4,035,000 4,190,000 2018 2020 Cost incurred during the year Estimated costs to complete as of year-end 6,319,0e0 Complete this question by entering your answers in the tabs below. Req 2B Req 2C Req 3 Req 4 Req 5 Req 1 Req 2A Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) 2018 2019 2020 Revenue Gross profit (loss) In the journal below, complete the necessary journal entries for the year 2018 (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 Journal entry worksheet 2 4 Record construction costs. Note: Enter debits before credits. Date General Journal Debit Credit 2019 In the journal below, complete the necessary journal entries for the year 2018 (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 Journal entry worksheet 4 Record progress billings. Note: Enter debits before credits. Date General Journal Debit Credit 2019 In the journal below, complete the necessary journal entries for the year 2018 (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 Journal entry worksheet 4 Record cash collections. Note: Enter debits before credits. Date General Journal Debit Credit 2018 In the journal below, complete the necessary journal entries for the year 2018 (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 Journal entry worksheet 2 4 Record gross profit (loss) Note: Enter debits before credits. Date General Journal Debit Credit 2019 In the journal below, complete the necessary journal entries for the year 2019 (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 Journal entry worksheet 2 4 Record construction costs Note: Enter debits before credits. General Journal Debit Credit 2019 In the journal below, complete the necessary journal entries for the year 2019 (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 Journal entry worksheet 2 4 Record progress billings. Note: Enter debits before credits. Date General Journal Debit Credit 2019 In the journal below, complete the necessary journal entries for the year 2019 (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 Journal entry worksheet 2 4 Record cash collections. Note: Enter debits before credits. Date General Journal Debit Credit 2019 In the journal below, complete the necessary journal entries for the year 2019 (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 Journal entry worksheet 2 4 Record gross profit (loss). Note: Enter debits before credits. Date General Journal Debit Credit 2019 In the journal below, complete the necessary journal entries for the year 2020 (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 Journal entry worksheet 2 4 Record construction costs. Note: Enter debits before credits. Date General Journal Debit Credit 2019 In the journal below, complete the necessary journal entries for the year 2020 (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 Journal entry worksheet 2 4 Record progress billings. Note: Enter debits before credits. Date General Journal Debit Credit 2019 In the journal below, complete the necessary journal entries for the year 2020 (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 Journal entry worksheet 2 4 Record cash collections. Note: Enter debits before credits. Date General Journal Debit Credit 2019 In the journal below, complete the necessary journal entries for the year 2020 (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 Journal entry worksheet 2 4 Record gross profit (loss). Note: Enter debits before credits. Date General Journal Debit Credit 2019 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 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.) 2018 2019 2020 Revenue Gross profit (loss) 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.) folowing indicated with a minus san ylation ad round oun 2018 2019 2020 Revenue Gross profit (loss)