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 $2,072,000 Estimated conth to complete as of year-and $2,738,000 $2,149,000 5,328,000 2,590,000 0 Billings during the year 2,160,000 2,650,000 Canh collections during the year 5,190,000 1,880,000 2,700,000 5,420,000 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.) 2021 2022 Balance Sheet (Para) Current assets Accounts receivable Construction in progress Loss Bilings 0 Current liabitis Accounts payable 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: Cont incurred during the year Estimated cost to complete as of year-end Billings during the year Canh collections during the year 2021 $2.072.000 5.328,000 2.160.000 1.880.000 2022 $2.738,000 2,590,000 2,650,000 2,700,000 2020 $2,149,000 0 5,190,000 5,420,000 Westgate recognizes revenue over time according to percentage of completion. 4. Calculate the amount of revenue and gross profit (los) 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 Conte incurred during the year 52,072,000 $3,880,000 $3,280,000 Estimated contato complete as of year-end 5.328,000 3,180,000 2021 2022 2023 Revenue Grous profit (s) [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: Coat incurred during the year Estimated cost to complete as of year-end Billings during the year cash collection during the year 2021 2022 $2,072,000 $2,738,000 5,328,000 2,590,000 2.160,000 2.650,000 1,880,000 2.700,000 2021 52,849,000 0 5,199,000 5,420,000 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 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.) Costs incurred during the year Yatimated couts to complete se of year-end 2021 $2,072.000 5,328,000 2022 $3,880,000 4.260,000 2023 56,140,000 0 2011 2022 2023 Revenue Gross profit (0
