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 cos incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 51,875,000 5,625,000 1,500,000 1,300,000 2022 $ 3,375,000 2,250,000 3,750, eee 3,100,000 2923 $ 2,475,000 8 4,750, eee 5,689,800 Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. 2-o. 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 foumal entries for the year 2023 credit Various accounts for construction costs incurred): 3. Complete the information required below to prepare o partial balance sheet for 2021 and 2022 showing any tems related to the contact 4. Calculate the amount of revenue and gross profiles to be recognized in each of the three years assuming the following costs incurred and costs to complete information 2021 20 2025 Cost Incurred during the car 52,550,000 $3,875,000 $3,250,000 Estimated costs to complete as of year-end 5,750,000 3,250,000 5. Calculate the amount of revenue and gross profit (oss) to be recognized in each of the three years assuming the following costs curred and costs to complete Information 2021 2022 Descartes during the to $3,575,000 $4, 125,000 Est costs to colaterad 5,750,000 4,25 Complete this question by entering your answers in the tabs below. RE