LT Contracts - Contract with Overall Profit In 2021, 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 2023. Information related to the contract is as follows: 2021 2022 2023 Cost incurred during the year 2,810,000 3,000,000 2,940,000 5,422,000 2,568,000 Estimated costs to complete as of year end Billings during the year 3,040,000 2,960,000 4,000,000 Cash collections during the year 2,400,000 3,000,000 4,600,000 Westgate recognizes revenue over time according to percentage of completion Required Prepare an Excel workbook with sheets for each of the following: Calculations of the amount of revenue and gross profit (loss) to be recognized in each of the three years. Do not round intermediate calculations. Round final numbers to whole dollars Loss amounts should be indicated in parenthesis. Make sure your spreadsheet Set up clearly demonstrates the numbers used in calculations Prepare the journal entries necessary for each year (credit "Various accounts for the construction costs incurred. Link the journal entry amounts to the spreadsheet of calculations Prepare T-accounts to post the journal entries. Link the journal entries to the Taccounts and show balances for each year Show income statement and balance sheet presentation for the related accounts. Link the amounts in the spreadsheet to the income statement and balance sheets