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Required information Problem 6-10 (Static) Long-term contract; revenue recognition over time [LO6-8, 6-9] [The following information applles to the questions displayed below.] In 2024, the

image text in transcribedimage text in transcribed Required information Problem 6-10 (Static) Long-term contract; revenue recognition over time [LO6-8, 6-9] [The following information applles 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: Westgate recognizes revenue over time according to percentage of completion. Problem 6.10 (Static) Part 2 1-a. In the Journal below, complete the necessary journal entrles for the year 2024 (credit "Cash, Materlals, etc." for construction costs curred). l-b. In the journal below, complete the necessary journal entrles for the year 2025 (credit "Cash, Materlals, etc." for construction costs curred). 1c. In the Journal below, complete the necessary journal entrles for the year 2026 (credit "Cash, Materlals, etc." for construction costs curred). Complete this question by entering your answers in the tabs below. In the journal below, complete the necessary journal entries for the year 2024 (credit "Cash, Materials, etc." for construction costs incurred). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Required information Problem 6-10 (Stetlc) Long-term contract; revenue recognitlon over tlme [LO6-8, 6-9] [The following information applles 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: Westgate recognizes revenue over time according to percentage of completion. Problem 6-10 (Static) Part 2 2-a. In the journal below, complete the necessary journal entrles for the year 2024 (credit "Cash, Materlals, etc." for constructlon costs ncurred). 2-b. In the Journal below, complete the necessary journal entrles for the year 2025 (credlt "Cash, Materlals, etc." for construction costs hcurred). e-c. In the Journal below, complete the necessary journal entrles for the year 2026 (credit "Cash, Materlals, etc." for construction costs ncurred). Complete this question by entering your answers in the tabs below. In the journal below, complete the necessary journal entries for the year 2025 (credit "Cash, Materials, etc." for construction costs incurred). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field

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