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 $ 2,156,000 5,544,000 2,130,000 2025 $ 3,388,000 2026 $ 2,371,600 2,156,000 3,414,000 3,300,000 0 4,456,000 4,835,000 1,865,000 Westgate recognizes revenue over time according to percentage of completion. 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