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 $3,285,000 2018 2020 Cost incurred during the year Estimated costs to complete as of year- $1,679,000 $2,569,600 5,621,000 2,336,000 end Billings during the year Cash collections during the year 1,300,000 1,100,000 3,664,000 2,900,000 5,036,000 6,000,000 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 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 2018 2019 2020 Cost incurred during the year Estimated costs to complete as of year- end $2,570,000 $3,885,000 $3,270,000 5,770,000 3,270,000 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 2018 2019 2020 $4,155,000 Cost incurred during the year Estimated costs to complete as of year- end $2,570,000 $3,885,000 5,770,000 4,270,000 0 Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 1 Req 2C Req 3 Req 4 Req 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.) No Date General Journal Debit Credit Construction in progress 2019 3,285,000 1 Various accounts 3,285,000 Accounts receivable 2 2019 3,664,000 Billings on construction contract 3,664,000 3 2019 Cash 2,900,000 Accounts receivable 2,900,000 Cost of construction 2019 3,285,000 Construction in progress 1,215,000 Revenue from long-term contracts 4,500,000 Req 2A > Req 20 Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3 Req 2C Req 4 Req 5 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.) No Date General Journal Debit Credit Construction in progress 2019 2,569,000 1 Various accounts 2,569,000 2 2019 Accounts receivable 5,036,000 Billings on construction contract 5,036,000 3 2019 Cash 6,000,000 Accounts receivable 6,000,000 2019 Cost of construction 2,569,000 4 Construction in progress 631,000 Revenue from long-term contracts 3,200,000 KReq 2B Req 3> 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 $3,285,000 2018 2020 Cost incurred during the year Estimated costs to complete as of year- $1,679,000 $2,569,600 5,621,000 2,336,000 end Billings during the year Cash collections during the year 1,300,000 1,100,000 3,664,000 2,900,000 5,036,000 6,000,000 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 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 2018 2019 2020 Cost incurred during the year Estimated costs to complete as of year- end $2,570,000 $3,885,000 $3,270,000 5,770,000 3,270,000 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 2018 2019 2020 $4,155,000 Cost incurred during the year Estimated costs to complete as of year- end $2,570,000 $3,885,000 5,770,000 4,270,000 0 Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 1 Req 2C Req 3 Req 4 Req 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.) No Date General Journal Debit Credit Construction in progress 2019 3,285,000 1 Various accounts 3,285,000 Accounts receivable 2 2019 3,664,000 Billings on construction contract 3,664,000 3 2019 Cash 2,900,000 Accounts receivable 2,900,000 Cost of construction 2019 3,285,000 Construction in progress 1,215,000 Revenue from long-term contracts 4,500,000 Req 2A > Req 20 Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3 Req 2C Req 4 Req 5 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.) No Date General Journal Debit Credit Construction in progress 2019 2,569,000 1 Various accounts 2,569,000 2 2019 Accounts receivable 5,036,000 Billings on construction contract 5,036,000 3 2019 Cash 6,000,000 Accounts receivable 6,000,000 2019 Cost of construction 2,569,000 4 Construction in progress 631,000 Revenue from long-term contracts 3,200,000 KReq 2B Req 3>