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 2002 2923 Cost incurred during the year $1,491,600 $3,295,800 $2,655,400 Estimated costs to complete as of year-end 3,699,00 2,414,000 Billings during the year 1,100,000 3,586,000 5,314,000 Cash collections during the year 900,000 2,700,00 6,400,900 Assume that Westgate Construction's contract with Santa Clara County does not quality for revenue recognition over time Required: 1. Calculate the amount of revenue and gross profit lose to be recognized in each of the three years 2-1. In the journal below.complete the necessary joumal entries for the year 2021 (credit Various accounts for construction costs incurred 2-6. In the journal below.complete the necessary journal entries for the year 2022 (credit Various accounts for construction costs incurred 2. In the journal below.complete the necessary journal entries for the year 2023 (credit . Vandus account for construction costs incurred 3. Complete the information requlted below to prepare a partal balance sheet for 2021 and 2022 howing any destointed to the contract 4. Calculate the amount of revenue and gross profit (lon) to be recognized in each of the three years assuming the following con incurred and costs to complete information 2022 2002 Cost incurred during the year $2,590,000 $3.995,000 Estimated costs to complete of year and 5,790,000 3,200.00 28 $ 290,000 Colectate the amount of revenue and gros profitons to be recognized in the throwing costs incurred and costs to complete information Cost curred during the year Estimated costs to complete as of 2020 SA 500.000 5.190.000 22 10000 $3.095.000 3290 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 2002 2923 Cost incurred during the year $1,491,600 $3,295,800 $2,655,400 Estimated costs to complete as of year-end 3,699,00 2,414,000 Billings during the year 1,100,000 3,586,000 5,314,000 Cash collections during the year 900,000 2,700,00 6,400,900 Assume that Westgate Construction's contract with Santa Clara County does not quality for revenue recognition over time Required: 1. Calculate the amount of revenue and gross profit lose to be recognized in each of the three years 2-1. In the journal below.complete the necessary joumal entries for the year 2021 (credit Various accounts for construction costs incurred 2-6. In the journal below.complete the necessary journal entries for the year 2022 (credit Various accounts for construction costs incurred 2. In the journal below.complete the necessary journal entries for the year 2023 (credit . Vandus account for construction costs incurred 3. Complete the information requlted below to prepare a partal balance sheet for 2021 and 2022 howing any destointed to the contract 4. Calculate the amount of revenue and gross profit (lon) to be recognized in each of the three years assuming the following con incurred and costs to complete information 2022 2002 Cost incurred during the year $2,590,000 $3.995,000 Estimated costs to complete of year and 5,790,000 3,200.00 28 $ 290,000 Colectate the amount of revenue and gros profitons to be recognized in the throwing costs incurred and costs to complete information Cost curred during the year Estimated costs to complete as of 2020 SA 500.000 5.190.000 22 10000 $3.095.000 3290
