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: 2024 2025 2026 Cost incurred during the year $ 2,580,000 Estimated costs to complete as of year-end 6,020,000 Billings during the year Cash collections during the year 2,060,000 1,830,000 $4,042,000 $2,175,800 1,978,000 4,562,000 3,378,000 0 4,200,000 3,970,000 Westgate recognizes revenue over time according to percentage of completion. 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. Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign. Costs incurred during the year Estimated costs to complete as of year-end 2024 $ 2,580,000 6,020,000 2025 $ 3,830,000 3,130,000 2026 $ 3,230,000 Revenue Gross profit (loss) 2024 2025 2026 mpany 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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2024 2025 $ 2,580,000 $ 4,042,000 2026 $ 2,175,800 6,020,000 2,060,000 1,978,000 4,562,000 0 3,378,000 1,830,000 4,200,000 3,970,000 Westgate recognizes revenue over time according to percentage of completion. 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years, assuming the following com incurred and costs to complete information. Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign. Costs incurred during the year Estimated costs to complete as of year-end 2024 $ 2,580,000 6,020,000 2025 2026 $ 3,830,000 $ 3,990,000 4,160,000 2024 2025 Revenue $ Gross profit (loss) 1,499,647 $ (1,080,353) $ 2,396,139 $ (1,433,861) S 2026 5,000,000 0 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: Cost incurred during the year Estimated costs to complete as of year-end. Billings during the year d Cash collections during the year 2024 $ 2,624,000 5,576,000 2025 $ 3,690,000 2026 $ 2,074,600 1,886,000 0 2,200,000 4,114,000 3,686,000 2,000,000 3,800,000 4,200,000 Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition 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 journal entries for the year 2024 (credit "Cash, 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). 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 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. 2024 2025 2026) Cost incurred during the year Estimated costs to complete as of year-end $ 2,420,000 5,620,000 $ 3,810,000 3,120,000 $ 3,220,000 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. Cost incurred during the year 2024 2025 Estimated costs to complete as of year-end $ 2,420,000 5,620,000 $ 3,810,000 4,120,000 2026 $ 3,930,000 Complete this question by entering your answers in the tabs below.