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 $2,550,000 $4,250,000 $1,870,000 Estimated costs to complete as of year-end 5,950,000 1,700,000 0 Billings during the year 2,050,000 4,750,000 3,200,000 Cash collections during the year 1,825,000 4,100,000 4,075,000 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 the contract. (Do not round intermediate calculations.) Answer is complete but not entirely correct. Balance Sheet (Partial) 2021 Current assets: Accounts receivable $225,000 Construction in progress $3,000,000 Less: Billings (2,050,000) Costs and profit in excess of billings 950,000 Current liabilities: Costs and profit in excess of billings (500,000) 2022 $ 8,111,111 (7,300,000) 4 $875,000 $ 811,111 0