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need all 5 parts on this question in 1 hour please help Required Information Problem 6-10 (Algo) Long-term contract; revenue recognition over time (LO6-8, 6-9]
need all 5 parts on this question in 1 hour please help
Required Information Problem 6-10 (Algo) Long-term contract; revenue recognition over time (LO6-8, 6-9] {The following information applies to the questions displayed below.) 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: 2022 2023 $3,249,200 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,581, e80 6,319, eee 2, e99,00 1,845,000 $2,347,00 2,772,880 2,838, eee 2,980,000 5,272, e8e 5,255,000 Westgate recognizes revenue over time according to percentage of completion. Problem 6-10 (Algo) Part 1 Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round Intermediate calculations. Loss amounts should be Indicated with a minus sign.) Answer is not complete. 2022 2021 2,900.000 2023 3,285,988 s $ 4,500,000 $ Revenue Gross profit (loss) IS 319,000 IS 0 2-a. In the journal below.complete the necessary journal entries for the year 2021 (credit "Various accounts for construction costs incurred). 2-b. In the journal below.complete the necessary journal entries for the year 2022 (credit "Various accounts for construction costs incurred). 2-c. In the journal below.complete the necessary journal entries for the year 2023 (credit "Various accounts for construction costs incurred). Complete this question by entering your answe swers in the tabs below. Reg 2A Reg 2B Reg 20 In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheetStep by Step Solution
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