please answer with correct calculations and explanations. make sure supporting statements are also provided for each step and calculation.

Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 6-9] [The following information applies to the questions displayed below.] In 2024, 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 2026. Information related to the contract is as follows: 2024 2025 2026 Cost incurred during the year $ 2, 610, 090 $ 3, 162, 000 $ 2, 230, 800 Estimated costs to complete as of year-end 6, 390, 090 2, 028, 000 Billings during the year 2, 100, 090 3, 672, 000 4, 228,000 Cash collections during the year 1, 850, 090 3,000, 000 5, 150,000 Westgate recognizes revenue over time according to percentage of completion. Problem 6-10 (Algo) Part 3 Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the ontract. Note: Do not round intermediate calculations. X Answer is complete but not entirely correct. Balance Sheet (Partial) 2024 2025 Current assets: Accounts receivable V $ 250,000 $ 672,000 X Construction in progress $ 2,900,000 $ 7,400,000 Less: Billings V (2, 100,000) (5,772,000) CIP in excess of billings 800,000 1,628,000 Current liabilities: Accounts receivable X $