Required information [The following information applies 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. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. Note: Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. 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. - In the journal below, complete the necessary journal entries for the year 2024 (credit "Cash, Materials, etc" for corstriction costo icurted). -b. In the journal below, complete the necessary journal entries for the year 2025 (credit "Cash, Materials, etc" for construction cost, icurred). -c. In the journal below, complete the necessary journal entries for the year 2026 (credit "Cash, Materiak, etc" for construction costs icurred) 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, Matorials, ete." for construction costs incurred). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first accoust nekt Journal entry worksheet In the journal below, complete the necessary journal entries for the year 2026 (credit "Cash, Materials, etc " for constructlon costs incurred). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first acenunt field, Journal entry worksheet In the journal below, complete the necessary journal entries for the year 2026 (credit "Cash, Materlals, etc, "for construction co: incurred). Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first accepunt field. Journal entry worksheet Record cash collections. Note: Enter debits before credits: In the journal below, complete the necessary journal entries for the year 2026 (credit "Cash, Materials, etc, "for construction incurred). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet
