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 Cash collections during the year 2024 $ 2,550,000 5,950,000 2,050,000 2025 $ 4,250,000 1,700,000 4,750,000 2026 $ 1,870,000 1,825,000 4,100,000 3,200,000 4,075,000 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. Revenue Gross profit (loss) 2024 2025 2026 Required information [The following information applies to the questions displayed below] 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 Estimated costs to complete as of year-end $ 2,550,000 5,950,000 $ 4,250,000 1,700,000 $ 1,870,000 B Billings during the year 2,050,000 4,750,000 Cash collections during the year 1,825,000 4,100,000 3,200,000 4,075,000 Westgate recognizes revenue over time according to percentage of completion. 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. Note: Do not round intermediate calculations. Balance Sheet (Partial) Current assets: Current liabilities 2024 2025 0 0 0 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 2026 2024 $2,550,000 5,950,000 2025 $ 3,825,000 3,125,000 $ 3,225,000 Revenue Gross profit (loss) 2024 2025 2026 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. 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 Revenue Gross profit (loss) 2024 2024 $ 2,550,000 5,950,000 2025 $ 3,825,000 4,150,000 2026 $ 3,975,000 2025 2026