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 $ 1,679,000 5,621,000 1,300,000 1,100,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time. Cost incurred during the year Estimated costs to complete as of year-end 2025 $ 3,285,000 2,336,000 3,664,000 2,900,000 Cost incurred during the year Estimated costs to complete as of year-end 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). 2024 $ 2,570,000 5,770,000 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. 2026 $ 2,569,600 2024 $ 2,570,000 5,770,000 2025 $ 3,885,000 3,270,000 5,036,000 6,000,000 2025 $ 3,885,000 4,270,000 2026 $ 3,270,000 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. 0 0 2026 $ 4,155,000 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. 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 joumal 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 joumal 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. 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 using the above information. Note: Leave no celis 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 celis blank - be certain to enter " 0 " wherever required, Loss amounts should be indicated with a minus sign. Complete this question by entering your answers in the tabs below. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. Note: Leave no cells blank - be certain to enter " 0 " wherever required. Loss amounts should be indicated with a minus sign. In the journal below, complete the necessary journal entries for the year 2024 (credit "Cash, Materials, etc." for construction costs ncurred). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 1 Record the gross profit (loss). 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. In the journal below, complete the necessary journal entries for the year 2024 (credit "Cash, Materials, etc." for construction costs incurred). Note: If no entry is required for a transaction/event, select "No fournal entry required" in the first account field. Journal entry worksheet In the journal below, complete the necessary journal entries for the year 2024 (credit "Cash, Materials, etc." for construction costs incurred). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 4 Note: Enter debits before credts: n the journal below, complete the necessary journal entries for the year 2026 (credit "Cash, Materials, etc." for construction costs hcurred). lote: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 4 Complete this question by entering your answers in the tabs below. In the journal below, complete the necessary joumat entries for the year 2025 (credit "Cash, Materials, etc." for construction costs incurred). Note: If no entry is required for a transactionvevent, select "No journal entry required" in the first account field. Journal entry worksheet In the journal below, complete the necessary joumal entries for the year 2024 (credit "Cash, Materials, etc." for construction costs incurred). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits