In 2021, 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 2023. Information related to the contract is as follows: 2021 2022 2023 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year cash collections during the year 2,291,eee 5,609,eee 1,900,eee 1,700,088 3,555,eee 2,054,eee 3,946,eee 3,500,eee 2,259,400 4,154,0ee 4,800,e0e Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognitlon over time. 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 2021 (credit "Varlous accounts" for construction costs ed). 2-b. In the Journal below, complete the necessary Journal entries for the year 2022 (credit "Various accounts" for construction costs Incurred) Incu 2-c. In the Journal below, complete the necessary Journal entrles for the year 2023 (credit "Varlous accounts" for construction costs incurred) 3. Complete the Information required below to prepare a partlal balance sheet for 2021 and 2022 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. 2021 2022 2023 $3,855, eee Cost incurred during the year Estimated costs to complete as of year-end $2,510,eee 5,710,eee $3,210,eee 3,210,eee 5. Calculate the am Incurred and costs to complete information. unt of revenue and gross profit (loss) to be recognized In each of the three years assuming the : 2021 2022 2023 Cost incurred during the year Estimated costs to complete as of year-end $2,510,eee 5,710,eee $3,855,e08 4,210,e0e $4,065,eee Req 1 Req 2A Req 2B Req 2C Req 3 Req 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 "O" wherever required. Loss amounts should be indicated with a minus sign.) 2023 2021 2022 Revenue Gross profit (loss) Req 2A