please help with this problem
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 $2,490,000 5,810,000 2,030,000 1,815,000 2022 $3,984,000 1,826,000 4,444,000 3,900,000 2023 $2,008,600 0 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. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) 2022 $ Revenue Gross profit (los) 2021 3,730,000 5,545,000 $ $ $ 2023 10,000,000 1.800,000 $ 0 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). Complete this question by entering your answers in the tabs below. Reg 2A Reg 28 Reg 2C In the journal below, complete the necessary journal dntries for the year 2021 (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.) View transaction list View Journal entry worksheet No Date Debit Credit General Journal 1 2021 Construction in progress Various accounts 2 2021 Accounts receivable Billings on construction contract 3 2021 Cash Accounts receivable 4 2021 Construction in progress Cost of construction Revenue from long-term contracts Reg 28 > 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). Complete this question by entering your answers in the tabs below. Reg 2A Reg 28 Reg 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 hield.) View transaction list View journal entry worksheet No Date 2022 Debit Credit 1 General Journal Construction in progress Various accounts 2 2022 Accounts receivable Billings on construction contract 3 2022 Cash Accounts receivable 4 2022 Construction in progress Cost of construction Revenue from long-term contracts 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). Complete this question by entering your answers in the tabs below. Reg 2A Reg 26 Requc In the journal below, complete the necessary Journal entries for the year 2023 (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.) View transaction list View Journal entry worksheet No Debit Credit Date 2023 1 General Journal Construction in progress Various accounts 2 2 2023 Accounts receivable Billings on construction contract 3 2023 Cash Accounts receivable 4 2023 Construction in progress Cost of construction Revenue from long-term contracts Required: 1. Compute gross profit or loss to be recognized as a result of this contract for each of the three years. Curtiss concludes that the contract does not qualify for revenue recognition over time. 2. Assuming Curtiss recognizes revenue over time according to percentage of completion, compute gross profit or loss to be recognized in each of the three years. 3. Assuming Curtiss recognizes revenue over time according to percentage of completion, compute the amount to be shown in the balance sheet at the end of 2021 and 2022 as either cost in excess of billings or billings in excess of costs. Complete this question by entering your answers in the tabs below. Reg 1 and 2 1093 Assuming Curtiss recognizes revenue over time according to percentage of completion, compute the amount to be shown in the balance sheet at the end of 2021 and 2022 as either cost in excess of billings or billings in excess of costs. 2021 2022 Balance Sheet (Partial) Current assets: Current liabilities
