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

Assume that Westgate Constructions contract with Santa Clara County does not qualify for revenue recognition over time.

Required: 1-a. 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.)

1-b. 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.)

1- Record construction costs.

2- Record progress billings.

3- Record cash collections.

4- Record gross profit (loss).

1-c. 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.)

1- Record construction costs.

2- Record progress billings.

3- Record cash collections.

4- Record gross profit (loss).

1-d. 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.)

1- Record construction costs.

2- Record progress billings.

3- Record cash collections.

4- Record gross profit (loss).

1-e. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. (Do not round intermediate calculations.)

1-f. 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. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign.)

	2021				2022				2023
Cost incurred during the year	$	2,580,000			$	3,890,000			$	3,280,000
Estimated costs to complete as of year-end		5,780,000				3,280,000				0

1-g. 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. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign.)

	2021				2022				2023
Cost incurred during the year	$	2,580,000			$	3,890,000			$	4,170,000
Estimated costs to complete as of year-end		5,780,000				4,280,000				0

\begin{tabular}{|c|c|c|c|} \hline Date & General Journal & Debit & Credit \\ \hline 2021 & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Date & General Journal & Debit & Credit \\ \hline 2022 & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline Date & General Journal & Debit & Credit \\ \hline 2023 & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline & 2021 & 2022 & 2023 \\ \hline Revenue & & & \\ \hline Gross profit (loss) & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline & 2021 & 2022 & 2023 \\ \hline Revenue & & & \\ \hline Gross profit (loss) & & & \\ \hline \end{tabular}