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: 2818 2819 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $2,588,808 4,842,888 $2,175,888 1,978,888 2,868,808 4,562,808 1,836,808 4, 288,888 6,828,808 3, 378,868 3,978,868 Westgate recognizes revenue over time according to percentage of completion. 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 entrles for the year 2018 (credit "Various accounts" for construction costs 2-b. In the journal below, complete the necessary Journal entrles for the year 2019 (credit Varlous accounts" for construction costs 2-C. In the Journal below, complete the necessary Jourmal entries for the year 2020 (credit Varlous accounts" for construction costs 3. Complete the Information required below to prepare a partal 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. 2819 $2,588,e88 3,838,808 $3,238,888 2818 Cost incurred during the year Estimated costs to complete as of year-end 6,828,808 3,138,888 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. 2819 $2,588,e88 3,838,888 3,998,888 4,168,8e8 2818 2828 Cost incurred during the year Estimated costs to complete as of year-end 6,828,808