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 $ 2,204,000 $ 3,192,000 $ 2,424,400

Estimated costs to a year-end 5,396,000 2,204,000 0

Billings during the year 2,140,000 3,256,000 4,604,000

Cash collections during the year 1,870,000 3,200,000 4,930,000

Westgate recognizes revenue over time according to percentage of completion.

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).

for journal entrys list 2021, 2022, and 2023:

Record construction costs.

Record progress billings.

Record cash collections.

Record gross profit (loss).

X https://eztomheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https6253A%252F%252Fvle.phoenix.edu%252Fwebapps%252Fpartn Homework [due day 7] @ Saved Help Save & Required information [The following information applies to the questions displayed below.] 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, 204, 000 $3, 192,000 $2, 424, 400 Estimated costs to complete as of year-end 5,396, 000 2, 204, 000 Billings during the year 2, 140, 090 3, 256, 000 4, 604, 000 Cash collections during the year 1, 870, 000 3, 200, 000 4,930, 000 Westgate recognizes revenue over time according to percentage of completion. 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).Apply: Homework [due day 7) Saved Required information Reg 2A Reg 2B Req 2C of 5 In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" For con (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet ook 2 3 4 int ences Record construction costs. Note: Enter debits before credits. Date General Journal Debit Credit 2021tips://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fvle.phoenix.edu%252Fwebapps%252F mework [due day 7] i Saved Help S Required information Req 2B Req 2A Req 28 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.) View transaction list Journal entry worksheet 2 3 4 Record construction costs. Note: Enter debits before credits. Date General Journal Debit Credit 2022 Next >https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fvle.phoenix.edu%252Fwebap y: Homework [due day 7] Saved Required information Req 2A Req 2B Reg 2C In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costs in (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 Record construction costs. Note: Enter debits before credits. Date General Journal Debit Credit 2023