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	$	2,072,000		$	2,738,000		$	2,849,000
Estimated costs to complete as of year-end		5,328,000			2,590,000			0
Billings during the year		2,160,000			2,650,000			5,190,000
Cash collections during the year		1,880,000			2,700,000			5,420,000

Westgate recognizes revenue over time according to percentage of completion.

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.)

Answer is not complete.

Balance Sheet (Partial)	2021		2022
Current assets:
Accounts receivableselected answer correct		$280,000selected answer correct		$230,000selected answer correct
Construction in progressselected answer correct	$2,800,000selected answer correct		$6,500,000selected answer correct
Less: Billingsselected answer correct	(2,160,000)selected answer correct		(4,810,000)selected answer correct
not attempted		640,000		1,690,000
Current liabilities:
not attempted		$0selected answer correct		$0selected answer correct