Required information 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 2024, 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 2026. 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 2024 $ 2,291,000 5,609,000 2,110,000 1,855,000 2025 2026 $ 3,555,000 $ 2,259,400 2,054,000 0 3,736,000 3,500,000 4,154,000 4,645,000 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 2024 and 2025 showing any Items related to the contract. Note: Do not round intermediate calculations. Balance Sheet (Partial) Current assets: Current liabilities: 2024 0 0 2025