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 $2,624,000 $3,690,000 $2,074,600

Estimated costs to complete as of year-end 5,576,000 1,886,000 0

Billings during the year 2,200,000 4,114,000 3,686,000

Cash collections during the year 2,000,000 3,800,000 4,200,000

Westgate Construction uses the completed contract method of accounting for long-term construction contracts. Required: I need only parts below:

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	$	2,420,000			$	3,810,000			$	3,220,000
Estimated costs to complete as of year-end		5,620,000				3,120,000				0

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
Cost incurred during the year	$	2,420,000			$	3,810,000			$	3,930,000
Estimated costs to complete as of year-end		5,620,000				4,120,000				0