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	$	2,975,000			$	3,825,000			$	1,870,000
Estimated costs to complete as of year-end		5,525,000				1,700,000				0
Billings during the year		2,500,000				4,300,000				3,200,000
Cash collections during the year		2,300,000				4,100,000				3,600,000

Assume that Westgate Constructions 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	$	2,450,000			$	3,825,000			$	3,250,000
Estimated costs to complete as of year-end		5,650,000				3,150,000				0

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				2022				2023
Cost incurred during the year	$	2,450,000			$	3,825,000			$	3,975,000
Estimated costs to complete as of year-end		5,650,000				4,150,000				0

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 2822 Lost incurred during the year 52,975.00 $3,825, $ 1,878,00 Estimated costs to complete as of year-end 5,525,000 1,780, Binis Guring the year 2,500,000 4,380,00 3,200,000 Cash collections during the year 2,300,000 4,100, 3,600,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 profits to be recognized in each of the three years 2-a. In the joumal below, complete the necessary journal entries for the year 2021 (credit "Various accounts for construction costs Incurred 2-b. In the joumal 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 cos incurred 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any item rated to the contract 4. Calcuinto the amount of revenue and gross proft loss) to be recognized in each of the three years on tuming the following costs incurred and costs to complete information 2021 2322 2023 Caut incurred during the year 52,453,1 53,825,000 $3,250,000 Estimated costs to complete as of year-end 5,650,000 3,150,000 5. Calculate the amount of revenue and gross profit is to be recognizes in eech of the three years assuring the following costs cuned and costs to complete information Prev Next Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate comple 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 283 Cost incurred during the ye $2,450,000 53,825,000 $3,250,000 te costs to complete of year and 5,650,000 3,150,000 5. Calculate the amount of revenue and gross profit fossi to be recognized in each of the three years assuming the following costs incurred and costs to complete information 2022 2023 cest incurred during the year $2,450,000 Estimated costs to complete as of year and 53,025,000 $3.975,000 5,650,000 4,150,000 Answer is not complete. Complete this question by entering your answers in the tabs below. Rag 20 Reg 20 Res 4 Reos In the journal below. complete the necessary Journal ones for the year 2001 (credit Various accounts for construction coloured Olsed for a transaction event, select Journal ordured in the first account General Journal Credit 1.870 000 Varouco Complete this question by entering your answers in the tabs below. Reg1 Req ZA Reg 20 Rey 2c Req3 Rega Reg 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 to.) NU General Journal 1 2003 Construction in progress Various accounts 1.870.000 1870,000 2 2023 Accounts receivable Brings on construction contract lolo 3,200,000 3.200.000 3 2023 3 600 000 Cash Accounts receivable 3.600,000 2023 Cost of construction Construction in progress Revenue from long-term contracts NEX o Search Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Reg 26 Reg Reg 3 Reg4 Req5 Calculate the amount of revenue and gross profitions to be recognized in each of the three years using the above Information. (Leave no cells blank-be certain to enter "owherever required. Los amounts should be indicated with a minus sign 2021 2022 2023 Revenue 15 OS OS 10.000.000 Gross profit loss $ 0