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 $2,200,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,400,000 5,600,000 2,000,000 1,800,000 2022 $3,600,000 2,000,000 4,000,000 3,600,000 4,000,000 4,600,000 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 $2,400,000 $3,800,000 $3,200,000 Estimated costs to complete as of year-end 5,600,000 3,100,000 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. 2021 $2,400,000 5,600,000 Cost incurred during the year Estimated costs to complete as of year-end 2022 $3,800,000 4,100,000 2023 $3,900,000 Req 1 Req 2A Req 2B Req 20 Req 3 Req 4 Req 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 2022 Revenue 3,000,000 4,500,000 $ $ 600,000 $ 900,000 $ 2023 2,500,000 & 300,000 X Gross profit (loss) Req 1 Req 2A Req 2B Req 2c Req 3 Req 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.) General Journal Credit No 1 Date 2021 Debit 2,400,000 / Construction in progress Various accounts 2,400,000 2021 2,000,000 Accounts receivable Billings on construction contract 2,000,000 3 / 2021 1,800,000 Cash Accounts receivable 1,800,000 2021 Cost of construction 2,400,000 X 600,000 X Construction in progress Service revenue 3,000,000 X Req 1 Req 2A Req 2B Req 2c Req 3 Req 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.) Date General Journal Credit No 1 Debit 3,600,000 L 2022 Construction in progress Various accounts 3,600,000 2022 4,000,000 Accounts receivable Billings on construction contract 4,000,000 2022 Cash 3,600,000 Accounts receivable 3,600,000 2022 Cost of construction 3,600,000 $ 900,000 X Construction in progress Service revenue 4,500,000 X Req 1 Req 2A Req 2B Req 20 Req 3 Req 4 Req 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.) General Journal Credit No 1 Date 2023 Debit 2,200,000 / Construction in progress Various accounts 2,200,000 2 2023 4,000,000 Accounts receivable Billings on construction contract 4,000,000 3 2023 Cash 4,600,000 Accounts receivable 4,600,000 2023 Cost of construction Construction in progress Service revenue 2,200,000 X 300,000 X | 2,500,000 X Req 1 Req 2A Req 2B Req 20 Reg 3 Req 4 Req 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 Less: Billings $ 200,000 $ 600,000 $ 3,000,000 (2,000,000) $ 7,500,000 X (6,000,000) Costs in excess of billings $ 1,000,000 $1,500,000 Current liabilities: nosac Req 1 Req 2A Req 2B hem 23 Req 20 maze mens Req3 moet 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.) 2023 Revenue 68 m 2021 2022 3.000.000 * 3.666,667 $ $ $ 600,000 14133 333, $ 3, 3,333,333 133,333 Gross profit (loss) Req 1 Req 2A Req 2B Reg 28 Reg 2C Req 2C Regis Reg 3 Req3 Rega 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.) 2021 2022 2023 Revenue Gross profit (loss) 3 000 000 $ 3,019,400 $ $ 600,000 $ $ (900,000) $ 3,980,600 X 200,000