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 Estimated costs to complete as of year-end Billings during the year Cash collections during the year $ 3,219,000 $3,915,000 $1,722,600 5,481,000 2,700,000 2,500,000 1,566,000 4,434,000 4,300,000 2,866,000 3, 200,000 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 Estimated costs to complete as of year-end $2,470,000 $3,835,000 $3,270,000 5,670,000 3,170,000 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 2022 2023 Cost incurred during the year Estimated costs to complete as of year-end $2,470,000 $4,005,000 $3,835,000 5,670,000 4,170,000 Req 2C Req 1 Req 2A Req 2B 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 2023 $ 10,000,000 10,000,000 $ 3,695,000 Revenue 10,000,000 Gross profit (loss) $7,530,000 425,000 Req 3 Req 1 Req 2A Req 2B Req 2C Req 4 Req 5 In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for constru costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account No General Journal Date Debit Credit Construction in progress 1 2021 2,470,000 Various accounts 2,470,000 Accounts receivable 2 2021 2,700,000 2,700,000 Billings on construction contract Cash 3 2021 4,300,000 Accounts receivable 4,300,000 Construction in progress 2021 4 Cost of construction Billings on construction contract 2,470,000 Req 1 Req 2A Req 2C Req 5 Req 2B Req 3 Req 4 In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construc costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account Credit No Date General Journal Debit Construction in progress 2022 1 Various accounts Accounts receivable 2 2022 Billings on construction contract Cash 3 2022 Accounts receivable No Transaction Recorded 2022 4 Req 1 Req 2B Req 5 Req 2A Req 2C Req 3 Req 4 In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construc costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account General Journal No Date Debit Credit Construction in progress 1 2023 Various accounts Accounts receivable 2 2023 Billings on construction contract Cash 3 2023 Accounts receivable Req 2C Req 4 Req 1 Req 2A Req 2B Req 3 Req 5 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) Current assets: Accounts receivable Construction in progress Less: Billings Costs in excess of billings 2021 2022 $ 404,000 $ 270,000 $ 3,219,000 (2,700,000) $ 7,134,000 (7,134,000) $ 519,000 0 Current liabilities: Req 2A Req 3 Req 5 Req 1 Req 2B Req 2C Req 4 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 2021 2022 Revenue Gross profit (loss) Req 2C Req 1 Req 2A Req 2B Req 3 Req 4 Req 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 "O" wherever required. Loss amounts should be indicated with a minus sign.) 2021 2022 2023 Revenue Gross profit (loss) 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 Estimated costs to complete as of year-end Billings during the year Cash collections during the year $ 3,219,000 $3,915,000 $1,722,600 5,481,000 2,700,000 2,500,000 1,566,000 4,434,000 4,300,000 2,866,000 3, 200,000 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 Estimated costs to complete as of year-end $2,470,000 $3,835,000 $3,270,000 5,670,000 3,170,000 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 2022 2023 Cost incurred during the year Estimated costs to complete as of year-end $2,470,000 $4,005,000 $3,835,000 5,670,000 4,170,000 Req 2C Req 1 Req 2A Req 2B 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 2023 $ 10,000,000 10,000,000 $ 3,695,000 Revenue 10,000,000 Gross profit (loss) $7,530,000 425,000 Req 3 Req 1 Req 2A Req 2B Req 2C Req 4 Req 5 In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for constru costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account No General Journal Date Debit Credit Construction in progress 1 2021 2,470,000 Various accounts 2,470,000 Accounts receivable 2 2021 2,700,000 2,700,000 Billings on construction contract Cash 3 2021 4,300,000 Accounts receivable 4,300,000 Construction in progress 2021 4 Cost of construction Billings on construction contract 2,470,000 Req 1 Req 2A Req 2C Req 5 Req 2B Req 3 Req 4 In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construc costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account Credit No Date General Journal Debit Construction in progress 2022 1 Various accounts Accounts receivable 2 2022 Billings on construction contract Cash 3 2022 Accounts receivable No Transaction Recorded 2022 4 Req 1 Req 2B Req 5 Req 2A Req 2C Req 3 Req 4 In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construc costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account General Journal No Date Debit Credit Construction in progress 1 2023 Various accounts Accounts receivable 2 2023 Billings on construction contract Cash 3 2023 Accounts receivable Req 2C Req 4 Req 1 Req 2A Req 2B Req 3 Req 5 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) Current assets: Accounts receivable Construction in progress Less: Billings Costs in excess of billings 2021 2022 $ 404,000 $ 270,000 $ 3,219,000 (2,700,000) $ 7,134,000 (7,134,000) $ 519,000 0 Current liabilities: Req 2A Req 3 Req 5 Req 1 Req 2B Req 2C Req 4 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 2021 2022 Revenue Gross profit (loss) Req 2C Req 1 Req 2A Req 2B Req 3 Req 4 Req 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 "O" wherever required. Loss amounts should be indicated with a minus sign.) 2021 2022 2023 Revenue Gross profit (loss)