! 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 Billings during the year Cash collections during the year 2021 $2,072,000 5,328,000 2,160,000 1,880,000 2022 $2,738,000 2,590,000 2,650,000 2,700,000 2023 $2,849,000 0 5,190,000 5,420,000 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.) Balance Sheet (Partial) 2021 2022 Current assets: Accounts receivable Construction in progress Less: Billings Costs and profit in excess of billings Current liabilities: 0 0