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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

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 $ 1,584,000 $ 3,240,000 $ 2,613,600
Estimated costs to complete as of year-end 5,616,000 2,376,000 0
Billings during the year 1,200,000 3,624,000 5,176,000
Cash collections during the year 1,000,000 2,800,000 6,200,000

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