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: 2021 2022 2023 Coot incurred during the year $2,100,000 $2,450,000 $2,695,000 Estimated costs to complete as of year-end 4,900,000 2,450,000 Dillinge during the year 2,200,000 2,350,000 5,450,000 Cash collections during the year 1.900.000 2,300,000 5.800,000 11 0 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.) 2021 2022 2023 Revenue Gross profit (1008) B 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: of 5 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,100,000 4,900,000 2,200,000 1,900,000 2022 $2,450,000 2,450.000 2,350,000 2,300,000 52:48 2023 $2,695,000 0 5,450,000 5,800,000 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 contract. (Do not round intermediate calculations.) 2021 2022 Balance Sheet (Partial) Current assets 0 0 Current liabilities: 15 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: 2021 2022 2023 Cost incurred during the year $2,100,000 $2,450,000 Estimated costs to complete as of year-end $2,695,000 4,900,000 2.450,000 0 Billings during the year 2,200,000 2,350,000 5,450,000 Cash collections during the year 1,900,000 2,300,000 5,800,000 52:37 Westgate recognizes revenue over time according to percentage of completion. 4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following incurred and costs to complete information (Do not round intermediate calculations and round your final answers to the ne whole dollar amount Loss amounts should be indicated with a minus sign.) 2021 2022 2023 Conto incurred during the year $2,100,000 $3,900,000 $3,300,000 Estimated costs to complete as of year-end 4,900,000 3,200,000 0 2021 2022 2023 Revenue Gross profit (los) 5 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: of 5 0.52:24 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collection during the year 2021 2022 $2,200,000 $2,450,000 4,900,000 2,450,000 2,200,000 2,350,000 1,900,000 2,300,000 2023 $2,695,000 0 5,450,000 5,800,000 Westgate recognizes revenue over time according to percentage of completion 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following cosi incurred and costs to complete information (Do not round intermediate calculations and round your final answers to the neare whole dollar amount. Loss amounts should be indicated with a minus sign.) 2021 $2.100,000 4,900,000 Costo incurred during the year Estimated costs to complete an of year-end 2022 $3,900,000 4,300,000 2023 54,200,000 2021 2022 2023 Revenue Gross profit (1018