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: 2022 2023 2021 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year $2,072,000 5,328,000 2,160,000 1,880,000 $2,738,000 2,590,000 2,650,000 2,700,000 $2,849,000 5,190,000 5,420,000 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.) 2021 2022 2023 Revenue Gross profit (loss) Journal entry worksheet 4 1 2 3 Record construction costs Note: Enter debits before credits. Date General Journal Debit Credit 2021 View general journal Record entry Clear entry Journal entry worksheet 2 4 1 3 Record construction costs. Note: Enter debits before credits. Date General Journal Debit Credit 2022 Record entry View general journal Clear entry Journal entry worksheet 1 2 3 4 Record construction costs. Note: Enter debits before credits. General Journal Credit Date Debit 2023 Record entry Clear entry View general journal 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: 0 Current liabilities: 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 Costs incurred during the year Estimated costs to complete as of year-end $2,072,000 $3,880,000 $3,280,000 5,328,000 3,180,000 2021 2022 2023 Revenue Gross profit (loss) 5. 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 Costs incurred during the year Estimated costs to complete as of year-end $2,072,000 $3,880,000 4,260,000 $4,140,000 5,328,000 2021 2022 2023 Revenue Gross profit (loss)