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 $1,797,400 points Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $3,096,000 5,504,000 2,600,000 2,400,000 2022 $3,870,000 1,634,000 4,366,000 4,200,000 8 0247:45 3,034,000 3,400,000 Skipped Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time. eBook 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 $2,460,000 $3,830,000 $3,260,000 Estimated costs to complete as of year-end 5,660,000 3,160,000 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 $2,460,000 5,660,000 Cost incurred during the year Estimated costs to complete as of year-end 2022 $3,830,000 4,160,000 2023 $3,990,000 Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 2c Req3 Reg 4 Reg 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 Revenue Gross profit (loss) Complete this question by entering your answers in the tabs below. Req 1 Req 2A Reg 2B Req 2C Reg 3 Reg 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.) View transaction list Journal entry worksheet points Complete this question by entering your answers in the tabs below. (8 02:47:09 Skipped Reg 1 Req 2A Reg 2B Reg 2C Req3 Reg 4 Reg 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.) eBook View transaction list Print Journal entry worksheet points Complete this question by entering your answers in the tabs below. % 02:46:52 Skipped Reg 1 Reg 2A Reg 2B Req 20 Req 3 Reg 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.) eBook View transaction list Print Journal entry worksheet Skipped 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 $2,460,000 5,660,000 Cost incurred during the year Estimated costs to complete as of year-end 2022 $3,830,000 4,160,000 2023 $3,990,000 eBook Print Complete this question by entering your answers in the tabs below. Req1 Req 2A Reg 2a Reg 2B Reg 28 Req 2c Reg 2C Req3 Reg 3 Reg 4 Reg4 Req 5 Reqs 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: Current liabilities: Complete this question by entering your answers in the tabs below. Req 1 Req 2A Reg 2B Req 2c Req3 Reg 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) Req3 Req5 > Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 2c Req3 Reg 4 Reg 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)
