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 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 $2,074,600 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Canh collections during the year 2021 $2,542,000 5,650,000 2,020,000 1,810,000 2022 $3,772,000 1,886,000 4,294,000 3,800,000 3,686,000 4,390,000 Westgate recognizes revenue over time according to percentage of completion. Problem 6-10 (Algo) Part 2 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) Answer is not complete. Required information Complete this question by entering your answers in the tabs below. Req 2A Reg 28 Req 2c In the journal below, complete the necessary journal entries for the year 2021 (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 held.) General Journal Debit Credit 2021 Construction in progress 2,581,000 Accounts payable 2,581,000 No Date 1 2 2021 Accounts receivable Billings on construction contract 2,090,000 2,090,000 3 2021 Cash Accounts receivable 1,845,000 1,845,000 2021 Construction in progress Cost of construction Revenue from long term contracts ooo 319,000 3 2,581,000 2,900,000 Reg 26 > Required information Answer is not complete. Complete this question by entering your answers in the tabs below. Req 2A Req 2B Reg 2C In the journal below, complete the necessary journal entries for the year 2022 (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 field.) No General Journal Credit Dato Debit Required information Answer is not complete. Complete this question by entering your answers in the tabs below. Req ZA Reg 28 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 field.) No Dato General Journal Debit Credit 10.00U, UUU. I ne 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 collections during the year 2021 $2,542,000 5,658,000 2,020,000 1,810,000 2022 $3,772,000 1,886,000 4,294,000 3,800,000 2023 $2,074,600 0 3,686,000 4,390,000 Westgate recognizes revenue over time according to percentage of completion Problem 6-10 (Algo) Part 1 Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round Intermediate calculations. Loss amounts should be indicated with a minus sign.) Answer is complete but not entirely correct. 2021 2022 2023 $ 2,900,000 $ 3,500,000 $ 3,600,000 $ 319,000 $ 1,153,000 s 550,800 Revenue Gross profit (loss)
