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: Cost incurred during the year Estimated costs to complete as of year- 2020 $1,797, 400 2018 $3,096,000 5,504,000 2,600,000 2.400,000 2019 $3,870,000 1,634,000 4,366,000 ,200,000 Billings during the year Cash collections during the year 3,034,000 3,400,000 Westgate Construction uses the completed contract method of accounting for long-term construction contracts. inces 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. incurred and costs to complete information. 2018 $2,460,000 5,660,000 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 costs Incurred and costs to complete information 2019 cost incurred during the year Estimated costs to complete as of year 2018 $2,460,000 6.0 $3,830,000 .160.000 2020 $3,990,000 end Complete this question by entering your answers in the tabs below. Reg 1 Req2A Req 28 Reg 2C Req3 Reg 4 Reg 5 Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (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 proft (0) Reg1 Reg 2A Reg 2B Reg 2C Reg 3 Req4 Reg 5 In the Journal below, complete the necessary Journal entries for the vear 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 View journal entry worksheet eBook Credit Debit 3,096,000 Print 3,096,000 references Record the construction costs. 2.600,000 Record the progress billings. 2,600,000 Record the cash collections. 2.400,000 Record the gross profit (loss). 2,400,000 Reg 28 > Note: -journal entry has been entered Reg 1 Req 2A Reg 28 Reg 20 Reg 3 Reg 4 Reg 5 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.) points View transaction list Book References 1 Record the construction costs. 2 Record the progress billings. 3 Record the cash collections. 4 Record the gross profit (loss). Credit Note : - Journal entry has been entered Reg 1 Reg 2A Req 2B Req 2C Reg 3 Reg 4 Reg 5 In the journal below, complete the necessary tournal 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 1 Record the construction costs. 2 Record the progress billings. 3 Record the cash collections. 4 Record the gross profit (loss). Credit Note : - journal entry has been entered Record entry Clear entry View general Journal 5 Homework 1 Estimatea costs to complete as or year- end 5,660,000 4,160,000 Complete this question by entering your answers in the tabs below. Reg1 Reg 2A Reg 2B Reg 2C Reg 3 Reg 4 Req 5 Complete the information required below to prepare a partial balance sheet for 2018 and 2019 showing any items relate the contract. nces 2018 2019 Balance Sheet (Partial) Current assets: Current liabilities: Saved work i 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the followi incurred and costs to complete information. 2018 $2,460,000 5.660,000 Cost incurred during the year Estimated costs to complete as of year- end 2019 $3,830,000 4,160,000 2020 $3,990,000 0 Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Reg 2B Reg 2C Reg 3 Reg 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. (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 (los) ( Reg 3 Reg 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 2020 2018 $2,460,000 5,660,000 Cost incurred during the year Estimated costs to complete as of year end 2019 $3,830,000 4,160,000 $3,990,000 Book Complete this question by entering your answers in the tabs below. Print Herences Reg 1 Reg 2A Reg 2B Req 2c Req3 Req 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' wherever required. Loss amounts should be indicated with a minus sign.) 2018 2019 2020 Revenue Gross prontos) Best