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 2020 $2,569,600 Cost incurred during the year Estimated costs to complete as of year- end Billings during the year Cash collections during the year 2018 $1,679,000 5,621,000 1,300,000 1,100,000 $3,285,000 2,336,000 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. Cost incurred during the year Estimated costs to complete as of year- 2018 $2,570,000 5.770.000 2019 $3,885,000 3,270,000 2020 $3,270,000 end 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 $2,570,000 5,770,000 20 000 Cost incurred during the year Estimated costs to complete as of year- end 2019 $3,885,000 4,270,000 2020 $4,155,000 Req 1 Req 2A Req 2B Reg 2C Reg 3 Reg 4 Req 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 2020 Revenue Gross profit (loss) 2,300,000 $ 621 2019 $ 4,500,000 $ 1,215 3,200,000 $ 631 Req 1 Req 2A Req 2B Reg 2C Reg 3 Reg 4 Req 5 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 View journal entry worksheet Credit No 1 Date 2019 General Journal Construction in progress Various accounts Debit 1,679,000 1,679,000 2019 1,300,000 Accounts receivable Billings on construction contract 1,300,000 2019 1,100,000 Cash Accounts receivable 1,100,000 2019 Cost of construction Construction in progress Revenue from long-term contracts 1,679,000 621 2,300,000 Req 1 Req 2A Req 2B Reg 20 Reg 3 Reg 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.) View transaction list View journal entry worksheet No Credit Date 2019 General Journal Construction in progress Various accounts Debit 3,285,000 3,285,000 2 2019 3,664,000 Accounts receivable Billings on construction contract 3,664,000 73 2019 2,900,000 Cash Accounts receivable 2,900,000 2019 Cost of construction Construction in progress 3,285,000 1,215,000 Revenue from long-term contracts 4,500,000 Req 1 Req 2A Req 2B Reg 2C Reg 3 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.) View transaction list View journal entry worksheet Credit No 1 Date 2019 General Journal Construction in progress Various accounts Debit 2,569,000 2,569,000 2 2019 5,036,000 Accounts receivable Billings on construction contract 5,036,000 3 2019 6,000,000 Cash Accounts receivable 6,000,000 2019 Cost of construction Construction in progress Revenue from long-term contracts 2,569,000 631,000 3,200,000 Req 1 Req 2A Req 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 related to the contract 2018 2019 Balance Sheet (Partial) Current assets: Current liabilities: Req 1 Req 2A Req 2B Reg 20 Reg 3 Reg 4 Req 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.) Revenue Gross profit (loss) 2018 2019 2020 STS 3,100,000 2,900,000 4,000,000 $ 530S (985) $ 730 Reg ze Reg3 Rega Reqs ] Req 1 Req 2A Req 2B Reg 20 Reg 3 Req 4 Req 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 Revenue 3,100,000 S 530,000 Gross profit (loss) 2020 $ 4,000,000 $(155,000) 2,900,000 $(985,000)