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Please answer 2-a,2-b,2-c Required information [The following information applies to the questions displayed below.) In 2021, the Westgate Construction Company entered into a contract to
Please answer 2-a,2-b,2-c
Required information [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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,610,000 6,390,000 2,100,000 1,850,000 2022 $3,162,000 2,028,000 3,672,000 3,000,000 2023 $2,230,800 0 4,228,000 5,150,000 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). Answer is not complete. 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 2022 (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.) Answer is not complete. 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 2022 (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.) No Date General Journal Debit Credit 1 2022 Construction in progress 3,162,000 Cash x 3,162,000 2 2022 Accounts receivable 3,672,000 Billings on construction contract 3,672,000 3 2022 Cash 3,000,000 Accounts receivable 3,000,000 4 2022 Cost of construction 3,162,000 Construction in progress Revenue from long-term contractsStep by Step Solution
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