*Only complete chart 1-4

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	$	2,044,000		$	2,628,000		$	2,890,800
Estimated costs to complete as of year-end		5,256,000			2,628,000			0
Billings during the year		2,170,000			2,502,000			5,328,000
Cash collections during the year		1,885,000			2,600,000			5,515,000

Westgate recognizes revenue over time according to percentage of completion.

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).

*Chart 1

Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract.

*Chart 2

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.

*Chart 3

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.

*Chart 4

NO Date General Journal Debit Credit 1 2021 Construction in progress 2.044,000 Various accounts 2,044,000 2 2021 2.170.000 Accounts receivable Billings on construction contract 2.170.000 3 2021 Cash 1.885.000 Accounts receivable 1.885.000 4 2021 Construction in progress Cost of construction Revenue from long-term contracts Balance Sheet (Partial) 2021 2022 Current assets: Accounts receivable Construction in progress 0 0 Less: Billings Costs and profit in excess of billings Current liabilities: Accounts payable 2021 2022 2023 Revenue Gross profit (loss) 2021 2022 2023 Revenue Gross profit (loss)