One is correct but I need help with the second part.
Required information The following information applies to the questions displayed below In 2018, 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 2020. Information related to the contract is as follows: 2018 2019 2020 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $2,550,000 $4,250,000 $1,870,000 5,950,000 1,700,000 2,050,000 4,750,000 3,200,000 1,825,000 4,100,000 4,075,000 Westgate recognizes revenue over time according to percentage of completion 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.) ta cauletions Losm amounts shouid be naiwmis sige not round Intermediate 2018 2019 2020 Revenue 3.000,000 5.000,000 2,000,000 Gross profit (loss) 450,000 750,000 130,000 In 2018, 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 2020. Information related to the contract is as follows 2020 2018 $2,550,000 $4, 250,000 $1,870,000 5,950,000 1,700,000 2,050,000 4,750,000 3,200,000 1,825,000 4,100,000 4,075,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Westgate recognizes revenue over time according to percentage of completion 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). Complete this question by entering your answers in the tabs below Req 2A Req 2B Req 2C In the journal below, complete the necessary journal entries for the year 2018 (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 View journal entry worksheet Debit Credit 2,550,000 Import a new list 2,550,000 1 Record construction costs 2,050,000 2Record progress billings 2,050,000 3 Record cash collections 1,825,000 4 Record gross profit (loss) 1,825,000 2018 $2,550,000 $4, 250,000 $1,870,000 5,950,000 1,700,000 2,050,000 4, 750,000 3, 200,000 1,825,000 4,100,000 4,075,000 2019 2020 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. . In the Journal below, complete the necessary Journal entries for the year 2018 (credit "Various accounts" for construction costs urred). o. In the journal below, complete the necessary journal entries for the year 2019 (credit Various accounts" for construction costs urred). . In the journal below, complete the necessary journal entries for the year 2020 (credit "Various accounts" for construction costs urred). Complete this question by entering your answers in the tabs below Req 2A Req 2B Req 2C n the journal below, complete the necessary journal entries for the year 2019 (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 View journal entry worksheet Debit No Date General Journal Credit 2019 Construction in progress Various accounts 2019 Accounts receivable Billings on construction contract 2019 Cash Accounts receivable 2019 Construction in progress Cost of construction Revenue from long-term contracts
