Required information

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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:

$202420252026$

Cost incurred during the year $ $2,291,000$ $ $3,555,000$ $ $2,259,400$

Estimated costs to complete as of year$-$end $5,609,0002,054,0000$

Billings during the year $2,110,0003,736,0004,154,000$

Cash collections during the year $1,855,0003,500,0004,645,000$

Westgate recognizes revenue over time according to percentage of completion.

Required:

A$.$ Calculate the amount of revenue and gross profit $($loss$)$ to be recognized in each of the three years. B$-1.$ In the journal below, complete the necessary journal entries for the year $2024($credit $$Cash$,$ Materials, etc.$$ for construction costs incurred$)$ B$-2.$ In the journal below, complete the necessary journal entries for the year $2025($credit $$Cash$,$ Materials, etc.$$ for construction costs incurred$).$ B$-3.$ In the journal below, complete the necessary journal entries for the year $2026($credit $$Cash$,$ Materials, etc.$$ for construction costs incurred$).$ C$.$ Complete the information required below to prepare a partial balance sheet for $2024$ and $2025$ showing any items related to the contract. D$.$ Calculate the amount of revenue and gross profit $($loss$)$ to be recognized in each of the three years, assuming the following costs incurred and costs to complete information. E$.$ Calculate the amount of revenue and gross profit $($loss$)$ to be recognized in each of the three years, assuming the following costs incurred and costs to complete information.

Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.