! Required Information [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 2021 2022 $2,204,000 $3,192,000 5,396,000 2,204,000 2,140,000 3,256,000 4,604,000 1,870,000 3,200,000 4,930,000 2023 $2,424,400 0 Billings during the year Cash collections during the year 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.) Balance Sheet (Partial) Current assets: Accounts receivable Construction in progress Less: Billings Current liabilities: 2021 2022 $ 270,000 $ 326,000 2,140,000 5,396,000 (2,140,000) (5,396,000) $ 0