Please Correct and Finish (try to include formulas so I can learn from what you did, thank you)

PLEASE ALSO FIX, THANK YOU

n 2016, 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 2018. Information related to the contract is as follows 016 2017 2018 Cost incurred during the year $2,100,000 $3,150,000 $2,475,000 Estimated costs to complete as of year-end 5,400,000 2,250,000 Billings during the year 2.150.000 3.100.000 750.000 Cash collections during the yea 1,875.000 3,100,000 5.025.000 Westgate recognizes revenue over time according to percentage of completion. Required 1. Calculate the amount o revenue and gross profit to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) Answer is complete and correct 2016 2017 2018 2,800,000 4,200,000 3,000,000 Revenue 700,000 1.050,000 S 525,000 Gross profit (loss) 2-a. In the journal below, complete the necessary journal entries for the year 2016 (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 complete and correct Date General Journal Debit Credit V 2,100,000 V 2016 Construction in progress 2,100,000 Various accounts v 2,150,000 2016 Accounts receivable llings on construction contract 2,150,000 1,875,000 2016 Cash Accounts receivable 1,875,000 2.100.000 2016 Cost of constructio 700.000 Construction in progress 2.800.000 Revenue from long-term contracts 2-b In the journal below, complete the necessary journal entries for the year 2017 (credit "Various accounts" for construction costs incurred o entry is required for a event, select ansactio No journal entry required" in the first account field.) Answer is complete and correct General Journal Date Debit Credit 3,150,000 2017 Construction in progress Various accounts 3,150,000 3.100.000 2017 Accounts receivable 3100.000 Billings on construction contract 3,100,000 2017 Cash 3,100,000 Accounts receivable 3150.000 2017 Cost of construction 1.050.000 Construction in progress v 4,200,000 Revenue from long-term contracts