MEWORK: Chapter 5 In 2018, the Westgate Construction Company entered into a road was completed in 2020. Information related to the contract is as follows: Cost incurred during the year$3,344,ee0 $3,960,000 $1,645,600 Estimated costs to complete as of 5,456,800 1,496,008 year-end Billings during the year 2,880,000 4,504,00 2,696,000 Cash collections during the year 2,600,e0 4,400,0 3,eee,ee0 WestgateC ion uses the completed contract method of accounting for long-term construction contracts 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 2018 (credit "Various accounts" for construction costs incurred). 2-b. In the journal below, complete the necessary journal entries for the year 2019 (credit "Various accounts for construction costs incurred 2-c. In the journal below, complete the necessary journal entries for the year 2020 (credit "Various accounts" for construction costs incurred). 3. Complete the information required below to prepare a partial balance sheet for 2018 and 2019 showing any items related to the 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. o search