Question 1: In the journal box, complete the necessary journal entries by filling out the value for debit and credit for the year 2022 (credit "Various accounts" for construction costs incurred.

Question 2: 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. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.)

	2021	2022	2023
Revenue	$ 2,800,000	3,088,542	4,111,458
Gross profit (loss)	$ 616,000	?	?

[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 $2,184,000 5,616,000 2,120,000 1,860,000 2022 $3,510,000 2,106,000 3,574,000 3,400,000 2023 $2,316,600 0 4,306,000 4,740,000 Westgate recognizes revenue over time according to percentage of completion. Record progress billings. Note: Enter debits before credits. Debit Credit Date 2022 General Journal Accounts receivable Billings on construction contract