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 $ 2,424,400 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $ 1,976,000 5,624,000 1,600,000 1,400,000 2022 $ 3,420,000 2,204,000 3,796,000 3,200,000 4,604,000 5,400,000 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 "Various accounts for construction costs incurred). 3. Complete the information required below to prepare a partial balance sheet for 2021 and 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. 2021 2022 2023 Cost incurred during the year $2,540,000 $3,870,000 $3,240,000 Estimated costs to complete as of year-end 5,740,000 3,240,000 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. Cost incurred during the year Estimated costs to complete as of year-end 2021 $2,540,000 5,740,000 2022 $3,870,000 4,240,000 2023 $4,110,000 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 2022 2023 Revenue x $ 4.500.000 2,900,000 X x 2,600,000 $ 624,000 X Gross profit (loss) $ 1,080.000 475,600 X Reg 1 Req 2A Reg 2B Reg 2c Req3 Reg 4 Req 5 In the journal below, complete the necessary journal entries for the year 2021 (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.) No Date General Journal Debit Credit 1 2021 1,976,000 Construction in progress Various accounts 1,976.000 2 2021 1,600,000 Accounts receivable Billings on construction contract 1,600,000 OOOO 3 2021 Cash 1,400,000 Accounts receivable 1,400,000 4 2021 X Construction in progress Cost of construction 624,000 1,976,000 X X Service revenue x 2,600,000 X Reg 1 Reg 2A Reg 2B Reg 20 Reg 3 Reg 4 Req 5 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.). No Date General Journal Debit Credit 1 2022 3,420,000 Construction in progress Various accounts 3,420,000 2 2022 3,796,000 Accounts receivable Billings on construction contract 3,796,000 3 3 2022 3,200,000 Cash Accounts receivable 3,200,000 4 2022 X Construction in progress Cost of construction 1,080,000 X 3,420,000 X Service revenue X 4,500,000 X Complete this question by entering your answers in the tabs below. Req 1 Reg 2A Reg 2B Reg 2c Req 3 Reg 4 Reg 5 In the journal below, complete the necessary journal entries for the year 2023 (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.) No Date General Journal Debit Credit 1 2023 2,424,400 Construction in progress Various accounts 2,424,400 2 2023 4,604,000 Accounts receivable Billings on construction contract 4,604,000 3 2023 Cash 5,400,000 Accounts receivable 5,400,000 4 2023 Cost of construction Construction in progress Revenue from long-term contracts OOO 7,820,400 2,179,600 10,000,000 Complete this question by entering your answers in the tabs below. Req 1 Reg 2A Reg 2B Reg 2C Req3 Req 4 Reg 5 Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. 2021 2022 Balance Sheet (Partial) Current assets: Accounts receivable Construction in progress $ 200,000 $ 596,000 X $ 1,976,000 $ 5,396,000 $ 1,976,000 $ 5,396,000 Current liabilities: Accounts payable (1,600,000) $ 376,000 X (5,396,000) 0 Costs in excess of billings Reg 1 Reg 2A Reg 2B Reg 2c Req3 Req 4 Req 5 Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using the above information. (Leave no cells blank - be certain to enter"0" wherever required. Loss amounts should be indicated with a minus sign.) Revenue 2021 $ 3,067,633 $ 527,633 2022 2023 $ 3,357,513 3,574,854 $ (295,146) 117,513 Gross profit (loss) Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using the above information. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign.) 2021 2022 2023 Revenue 3,981,221 3,067.633 $ 2,951,146 X $ $ 527,633 X $ (918,854) $ Gross profit (loss) (128,779) X