Problem 6-11 (Algo) Long-term contract; revenue recognition upon completion [LO6-9] 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: Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. 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). 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. 4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and roatc tn romnlete information 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. Complete this question by entering your answers in the tabs below. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Leave no cells blank - be certain to enter " 0 " wherever required. Loss amounts should be indicated with a minus sign.) In the journal below, complete the necessary journal entries for the year (If no entry is required for a transaction/event, select "No journal entry r In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" fo (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Complete this question by entering your answers in the tabs below. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2 Record the progress billings. 3 Record the cash collections. 4 Record the gross profit (loss). Credit Note : = journal entry has been entered Complete this question by entering your answers in the tabs below. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 show the contract. Complete this question by entering your answers in the tabs below. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using the above information. (Leave no cells blank - be certain to enter " 0 " wherever required. Loss amounts should be indicated with a minus sign.) Complete this question by entering your answers in the tabs below. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using the above information. (Leave no cells blank - be certain to enter " 0 " wherever required. Loss amounts should be indicated with a minus sign.)
