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 $ 2,569,680 Cast incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $1,679, ege 5,621, ene 1,320, ese 1,180, ese 2022 $ 3,285, Be 2,336, eee 3,664, 2,90e, eee 5,236, 6, eee, se 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-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 "Vorious accounts for construction costs incurred). 3. Complete the information required below to prepare a partial balance sheet for 2021 end 2022 showing any items related to the contract 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. 2222 2823 Cast incurred during the year $2.570. $3,885,000 $3,270,220 Estimated costs to complete as of year-end 5,778,020 3,279, 2021 5. 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. 2923 $4, 155, ese Cost incurred during the year Estimated costs to complete as of year-end 2022 $3,885, se 4, 278, ese $2,570, Be 5,778, eee Answer is not complete. Complete this question by entering your answers in the tabs below. Red 2A Reg 2B Req 2c Rega Reg 4 Reg 5 Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign.) 2021 Revenue 2023 3,200,000 3 630,400 Gross profit floss) 2022 2.500,000 1.215,000 Reqt s621,000 Req2A >