In 2024, 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 2026 . Information related to the contract is as follows: Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue tecognition 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 joumal entries for the year 2024 (credit "Cash, Motenals, etc" for construction costs incurred). 2-b. In the joumal below, complete the necessary joumal entries for the year 2025 (credit "Cash, Materials, etc" for construction costs incurred). 2-c. In the journal below, complete the necessary journal entries for the year 2026 (credit "Cash, Materials, etc" for construction conts incurred). 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items telated to the contract 4. Calculate the amount of revenue and gross prafit (loss) to be recognized in each of the three years, assuming the following costs incurred and costs to complete information. 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. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. Note: Leave no cells biank - be certain to enter "0" wherever required. Loss amoants ishould be indicated with a mints sign. In the journal below, complete the necessary journal entries for the year 2024 (credit "Cash, Materials, etc." for construction costs Note: If no entry is required for a transaction/event, select "No fournal entry required" in the first account field. Journal entry worksheet Journal entry worksheet Record the construction costs. Note: Enter debits before credits, Journal entry worksheet 4 Record the construction costs. Note: Enter debits before credits. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using the above information. Note: Leave no cells blank - be certain to enter "0" wherever required, Loss amounts should be indicated with a minus sign. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using the above information. Note: Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign
