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 2018 2019 2020 Cost incurred during the year $2,400,000 $3,600,000 $2,200,000 Estimated costs to complete as of year-end 5,600,000 2,000,0000- 2,000,000 4,000,000 4,000,000 Billings during the year Cash collections during the year 1,800,000 3,600,000 4,600,000 Westgate recognizes revenue over time according to percentage of completion. Required: Calculate the amount of revenue and gross profit to be recognized in each of the three Prepare all necessary journal entries for each of the years (credit "various accounts" for construction costs incurred). Prepare a partial balance sheet for 2018 and 2019 showing any items related to the contract. Indicate whether any of the amounts shown are contract assets or contract liabilities. Calculate the amount of revenue and gross profit to be recognized in each of the three 2. 3. 4. years assuming the following costs incurred and costs to complete information: 2020 2019 $2,400,000 $3,800,000 $3,200,000 3,100,000 2018 Costs incurred during the year Estimated costs to complete as of year-end 5,600,000