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: Westgate recognizes revenue over time according to percentage of completion. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. Note: Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. 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: Westgate recognizes revenue over time occording to percentage of completion 2.a. In the journal below, complete the necessary joumal entries for the year 2024 (credit 'Cosh, Materials, etc" for construction costs incurred). 2.b. In the journal below, complete the necessary journal 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 costs incurred). Westgate recognizes revenue over time according to percentage of completion. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items ontract. Jote: Do not round intermediate calculations. 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: Westgate recognizes revenue over time according to percentage of completion. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. Note: Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. 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: Westgate recognizes revenue over time occording to percentage of completion 2.a. In the journal below, complete the necessary joumal entries for the year 2024 (credit 'Cosh, Materials, etc" for construction costs incurred). 2.b. In the journal below, complete the necessary journal 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 costs incurred). Westgate recognizes revenue over time according to percentage of completion. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items ontract. Jote: Do not round intermediate calculations
