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: 2023 2021 2022 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $2,204,000 5,396,000 2,140,000 1,870,000 $3,192,000 2,204,000 3,256,000 3,200,000 $2,424,400 4,604,000 4,930,000 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. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) Answer is complete and correct. 2021 2022 2023 $ 4,200,000 s 2,900,000 Revenue 2,900,000 Gross profit (loss) 696,000 $ 475,600 1,008,000 2-a. In the Journal below, complete the necessary Journal entries for the year 2021 (credit "Various accounts" for construction costs Incurred). 2-b. In the journal below, complete the necessary Journal entries for the year 2022 (credlt "Varlous accounts" for construction costs Incurred). 2-c. In the Journal below, complete the necessary Journal entrles for the year 2023 (credit "Varlous accounts" for construction costs Incurred) Answer is not complete. Complete this question by entering your answers in the tabs below. Req 2B Req 2A Req 2C In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) General Journal No Date Debit Credit Construction in progress 1 2021 Various accounts Accounts receivable Billings on construction contract 2 2021 2021 Cash Accounts receivable 2021 Cost of construction Construction in progress Revenue from long-term contracts Req 2A Req 2B 2-a. In the journal below, complete the necessary Journal entries for the year 2021 (credit "Varlous accounts" for construc Incurred) 2-b. In the journal below, complete the necessary Journal entries for the year 2022 (credlt "Varlous accounts" for constru Incurred) 2-c. In the Journal below, complete the necessary Journal entries for the year 2023 (credit "Various accounts for constru Incurred) Answer is not complete. Complete this question by entering your answers in the tabs below. Req 2C Req 2A Req 2B In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) No Date General Journal Debit Credit Construction in progress 2022 1 Various accounts 2022 Accounts receivable Billings on construction contract 2022 Cash Accounts receivable Cost of construction 4 2022 Construction in progress Revenue from long-term contracts Req 2A Req 2C 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: 2023 2021 2022 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $2,424,480 $2,204,eee 5,396,00e 2,140,e0e 1,870,eee $3,192,0ee 2,284,eee 3,256,e0e 3,200,0ee 4,604,eee 4,930, eee Westgate recognizes revenue over time according to percentage of completlon 3. Complete the Information required below to prepare a partlal 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 0 0 Current liabilities 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 wass completed In 2023. Information related to the contract Is as follows: 2021 2022 2023 $2,424,40e Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $2,204,eee 5,396,eee 2,140,eee 1,870,eee $3,192,eee 2,284,eee 3,256, eee 3,200,0ee 4,604, eee 4,930,eee Westgate recognizes revenue over time according to percentage of completlon 4. 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. (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.) 2021 2022 2023 $2,204,eee $3,870, e00 $3,270, 000 Costs incurred during the year Estimated costs to complete as of year-end 5,396,eee 3,170,0ee 2021 2022 2023 Revenue 2,900,000 3,670,749 Gross profit (loss) 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: 2023 2021 2022 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $2,204,000 5,396,000 2,140,000 1,870,000 $3,192,000 2,204,000 3,256,000 3,200,000 $2,424,400 4,604,000 4,930,000 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. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) Answer is complete and correct. 2021 2022 2023 $ 4,200,000 s 2,900,000 Revenue 2,900,000 Gross profit (loss) 696,000 $ 475,600 1,008,000 2-a. In the Journal below, complete the necessary Journal entries for the year 2021 (credit "Various accounts" for construction costs Incurred). 2-b. In the journal below, complete the necessary Journal entries for the year 2022 (credlt "Varlous accounts" for construction costs Incurred). 2-c. In the Journal below, complete the necessary Journal entrles for the year 2023 (credit "Varlous accounts" for construction costs Incurred) Answer is not complete. Complete this question by entering your answers in the tabs below. Req 2B Req 2A Req 2C In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) General Journal No Date Debit Credit Construction in progress 1 2021 Various accounts Accounts receivable Billings on construction contract 2 2021 2021 Cash Accounts receivable 2021 Cost of construction Construction in progress Revenue from long-term contracts Req 2A Req 2B 2-a. In the journal below, complete the necessary Journal entries for the year 2021 (credit "Varlous accounts" for construc Incurred) 2-b. In the journal below, complete the necessary Journal entries for the year 2022 (credlt "Varlous accounts" for constru Incurred) 2-c. In the Journal below, complete the necessary Journal entries for the year 2023 (credit "Various accounts for constru Incurred) Answer is not complete. Complete this question by entering your answers in the tabs below. Req 2C Req 2A Req 2B In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) No Date General Journal Debit Credit Construction in progress 2022 1 Various accounts 2022 Accounts receivable Billings on construction contract 2022 Cash Accounts receivable Cost of construction 4 2022 Construction in progress Revenue from long-term contracts Req 2A Req 2C 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: 2023 2021 2022 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $2,424,480 $2,204,eee 5,396,00e 2,140,e0e 1,870,eee $3,192,0ee 2,284,eee 3,256,e0e 3,200,0ee 4,604,eee 4,930, eee Westgate recognizes revenue over time according to percentage of completlon 3. Complete the Information required below to prepare a partlal 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 0 0 Current liabilities 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 wass completed In 2023. Information related to the contract Is as follows: 2021 2022 2023 $2,424,40e Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $2,204,eee 5,396,eee 2,140,eee 1,870,eee $3,192,eee 2,284,eee 3,256, eee 3,200,0ee 4,604, eee 4,930,eee Westgate recognizes revenue over time according to percentage of completlon 4. 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. (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.) 2021 2022 2023 $2,204,eee $3,870, e00 $3,270, 000 Costs incurred during the year Estimated costs to complete as of year-end 5,396,eee 3,170,0ee 2021 2022 2023 Revenue 2,900,000 3,670,749 Gross profit (loss)