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 $2,580,000 6,020,000 2,060,000 1,830,000 2022 $4,042,000 1,978,000 4,562,000 4,200,000 2023 $2,175,800 3,378,000 3,970,000 Westgate recognizes revenue over time according to percentage of completion. 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. (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.) Costs incurred during the year Estimated contato complete as of year-end 2021 $2,580,000 6,020,000 2022 $3,030,000 4,160,000 2023 63,990.000 0 2023 Revenue Gross profit (los) $ $ 2021 3,000,000 $ 420.000 $ 2022 3,064,333 (765,667) 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: 2021 2023 Cost incurred during the year $2,580,000 $4,042,000 $2,175,800 Estimated costs to complete as of year-end 6,020,000 1,978,000 Billings during the year 2,060.000 4,562,000 3,378,000 Cash collections during the year 1,830,000 4,200,000 3,970,000 2022 Westgate recognizes revenue over time according to percentage of completion, 4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following cost incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the neares whole dollar amount. Loss amounts should be indicated with a minus sign.) Costs incurred during the year Estimated costs to complete as of year-end 2021 2022 2023 $2,580,000 $3,830,000 $3,230,000 6,020,000 3,130.000 0 2023 Revenue Gross profit (05) $ $ 2021 3,000,000 $ 420,000 $ 2022 3,719,078 (110.922) 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: Cont incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collection during the year 2021 2022 2023 $2,580,000 $4,042,000 $2,175,800 6,020,000 1,978,000 0 2,060,000 4,562,000 3,378,000 1,830,000 4,200,000 3,970,000 Westgate recognizes revenue over time according to percentage of completion. 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.) 2021 2022 $ 230,000 Balance Sheet (Partial Current assets Accounts receivable Construction in progress Less: Billings Costs and profit in excess of blings Current liabilities: Conts and profit in excess of bilings $ $ 3,000,000 2,060,000 7.700,000 6,622,000 940,000 1,078,000 $ 0 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. Req 2A Req 2B Req 2c 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 feld) View transaction list View journal entry worksheet No General Journal Date 2023 Credit 1 Construction in progress Various accounts Debit 2,175,800 2,175,800 2 2023 3,378,000 Accounts receivable Billings on construction contract 3,378,000 3 2023 Cash Accounts receivable 3.970,000 3,970,000 4 2023 2,175.800 Cost of construction Construction in progress Revenue from long term contracts