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please answer question in its entirety. this is all part of one question. In 2018, the Westgate Construction Company entered into a contract to construct

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please answer question in its entirety. this is all part of one question.

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: 2828 $2,098,660 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2018 $2,490,000 5,810.000 2,830,000 1,815,000 2019 $3,984,000 1,826,00 4,444,00 3,900,000 3,526,000 4,285,000 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. 2-6. 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). 3. Complete the information required below to prepare a partial balance sheet for 2018 and 2019 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 Cost incurred during the year Estimated costs to complete as of year-end 2018 $2,490,000 5,812, eee 2019 $3,815.000 3,115,800 2020 53,215,000 5. Calculate the amount of revenue and gross profit doss) 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 2818 $2,499,000 5,810,000 2019 53,815,000 4,130,000 2020 $3,945,000

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