Problem 5-10 Long-term contract: revenue recognition over time [Lo5-8, 5.9] The following information applies to the questions displayed below.] 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: 2018 2019 $2,604,000 4,032,000 $1,940,400 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 5,796,000 1,764,000 2,040,000 4,596,0003,364,000 1,820,0004,000,000 4,180,000 :25 Westgate recognizes revenue over time according to percentage of completion. Problem 5-10 Part 3 3. Complete the information required below to prepare a partial balance sheet for 2018 and 2019 showing any items related to th contract. (Do not round intermediate calculations.) Balance Sheet (Partial) 2018 2019 Current assets S 220,000 $816,000 Construction in progress Less: Costs and profit in excess of billings Current liabilities $ 3,100,000 2,040,000 Billings 1,060,000