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: 2023 $2,613,600 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,016,000 5,184,000 2,180,000 1,890,000 2022 $2,808,000 2,376,000 2,644,000 2,500,000 5,176,000 5,610,000 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. 2021 2022 Balance Sheet (Partial) Current assets: Accounts receivable Construction in progress Less: Billings $ 290,000 $ 144,000 X $ 4,824,000 4,824,000 0 0 Current liabilities: Costs and profit in excess of billings $ 164,000 X $ 0