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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,291,000 2022 $3,555,000 2023 $2,259,400 5,609,000 2,110,000 1,855,000 2,054,000 3,736,000 4,154,000 3,500,000 4,645,000 0 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 the contract. (Do not round intermediate calculations.) Balance Sheet (Partial) 2021 2022 Current assets: Accounts receivable $ 255,000 $ 491,000 Construction in progress $ 2,900,000 $ 4,500,000 Less: Billings 2,110,000 3,736,000 Costs and profit in excess of billings 790,000 764,000 Current liabilities: $ 0 $ 0 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted