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:

	2021			2022			2023
Cost incurred during the year	$	2,044,000		$	2,628,000		$	2,890,800
Estimated costs to complete as of year-end		5,256,000			2,628,000			0
Billings during the year		2,170,000			2,502,000			5,328,000
Cash collections during the year		1,885,000			2,600,000			5,515,000

Westgate recognizes revenue over time according to percentage of completion.

1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years

2021 2022 2023

Revenue:

Gross profit (loss)

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).

All the journal entries:

3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract.

Balance Sheet (Partial)	2021		2022
Current assets:
		0		0
Current liabilities: