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: Cost incurred during the year 2025 2024 $ 2,490,000 5,810,000 $ 3,984,000 1,826,000 4,444,000 2026 $ 2,008,600 e 3,526,000 3,900,000 4,285,000) Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2,030,000 1,815,000 Westgate recognizes revenue over time according to percentage of completion. 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract. Note: Do not round intermediate calculations. 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the Note: Do not round intermediate calculations. contract. Balance Sheet (Partial) Current assets: Accounts receivable Construction in progress Less: Billings CIP in excess of billings Current liabilities: Billings in excess of CIP 2024 2025 0 0 0