On parts 2A 2B and 2C DO THE FOLLOWING JOURNAL ENTRIES FOR EACH YEAR SEPARATELY 2021 2022 2023 entry 1)RECORD THE CONSTRUCTION entry 2)RECORD THE PROGRESS BILLINGS entry 3)RECORD THE CASH COLLECTIONS entry 4)RECORD THE GROSS PROFIT (LOSS)

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: 2023 $2,655,400 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $1, 491,000 5, 609,000 1,100,000 900,000 2022 $ 3, 195,000 2,414,000 3,586, 000 2,700,000 5,314,000 6,400,000 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 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). 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 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. 2021 2 022 2 0 2 8 Cost incurred during the year 32,590,000 $ 8, 895,000 93 290.000 Estimated c9303 to complete a2 of year-end 5,790,000 3.220,000 D. 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. Cost incurred during the year Estimated costs to complete as of year-end 2021 $2,590,000 5, 790,000 2022 $3,895,000 4,290,000 2023 $4, 185,000 0 ok Complete this question by entering your answers in the tabs below. t nces Reg 1 Req 2A Reg 2B Reg 20 Req 3 Reg 4 Reg 5 Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign.) 2021 2022 2023 Revenue Gross profit (loss) Req 24 > Reg 1 Reg 2A Req 2B Req 20 Reg 3 Reg 4 Reg 5 Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. Balance Sheet (Partial) Current assets: 2021 2022 Current liabilities: Complete this question by entering your answers in the tabs belons. Req 1 Req 2A Req 2B Reg 20 Reg 3 Req 4 Req 5 Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using the above information. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign.) 2021 2022 2023 Revenue Gross profit (loss) K Req 3 Req 5 > Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Reg 2B Reg 20 Reg 3 Reg 4 Rechs Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using the above information. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with minus sign.) 2021 2022 2023 Revenue Gross profit (loss)