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 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: 2023 $1,980,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,523,000 6,177,000 2,070,000 1,835,000 2022 $3,177,000 1,800,000 3,630,000 3,400,000 4,300,000 4,765,000 Westgate recognizes revenue over time according to percentage of completion. Problem 6-10 (Algo) Part 3 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. (Do not round intermediate calculations.) Answer is not complete. 2021 2022 Balance Sheet (Partial) Current assets: Accounts receivable $ 235,000 Problem 6-10 (Algo) Part 3 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. (Do not round intermediate calculations.) Answer is not complete. Balance Sheet (Partial) 2021 2022 Current assets $ 235,000 Accounts receivable Construction in progress Less: Billings Costs and profit in excess of billings Current liabilities: $ 2,900,000 (2,070,000) $ 7,600,000 (5,700,000) 830,000 1,900,000 $ 0