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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,640,000 2022 $2,300,000 2023 $2,926,000 6,160,000 2,660,000 2,080,000 2,860,000 5,060,000 1,840,000 2,800,000 5,360,000 0 Westgate recognizes revenue over time according to percentage of completion. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) Revenue Gross profit (loss) Answer is not complete. 2021 2022 2023 $ 3,000,000 $ 1,637,096 $ 360,000 $ -662,903 2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred). 2-b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs incurred). 2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costs incurred). Answer is not complete. Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 2C In the journal below, complete the necessary journal entries for the year 2022 (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.) No Date 1 2022 General Journal Construction in progress Various accounts Debit 2,300,000 Credit 2,300,000 2 2022 Accounts receivable 2,860,000 Billings on construction contract 2,860,000 3 2022 Cash 2,800,000 Accounts receivable 2,800,000 4 2022 Cost of construction Revenue from long-term contracts Construction in progress 2,300,000 1,637,097 662.903 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. (Do not round intermediate calculations.) Balance Sheet (Partial) 2021 Current assets: Accounts receivable Construction in progress $ 3,000,000 Less: Billings (2,640,000) Costs and profit in excess of billings 360,000 Current liabilities: Costs and profit in excess of billings 2022 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. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.) Costs incurred during the year Estimated costs to complete as of year-end Revenue Gross profit (loss) 2021 $2,640,000 6,160,000 2022 $3,840,000 3,140,000 2023 $3,240,000 0 2021 2022 2023