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 $2,059,000 5,041,000 2,190,000 1.895,000 2022 $2,627,000 2.614,000 2,496,000 2,400,000 2023 $2,655,400 0 5,314,000 5,705,000 Westgate recognizes revenue over time according to percentage of completion Required: 1. Calculate the amount of revenue and gross profit (oss) to be recognized in each of the three years (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) Answer is complete but not entirely correct. Revenue Gross profits $ 2021 2.000.000 841,000 $ $ 2022 2.311.267 1.743 267 $ 2022 4.788,732 4.760,332 $ Retur 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 $2,655,400 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,059,000 5,041,000 2,190,000 1,895,000 2022 $2,627,000 2,414,000 2,496,000 2,400,000 5,314,000 5,705,000 Westgate recognizes revenue over time according to percentage of completion 2-a. In the journal below, complete the necessary Journal entries for the year 2021 (credit "Various accounts" for construction costs incurred) 2-b. In the journal below.complete the necessary journal entries for the year 2022 (credit "Various accounts for construction costs incurred) 2.c. In the journal below, complete the necessary Journal entries for the year 2023 (credit "Various accounts for construction costs incurred) Required information 5 Req 2A Req 28 Reg 2c In the journal below, complete the necessary Journal entries for the year 2021 (credit "Various accounts for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) No Date General Journal Credit 1 2021 Construction in progress Various accounts Debit 2,059,000 2,059,000 2 2021 Accounts receivable Billings on construction contract 2,190,000 2,190,000 3 2021 Cash Accounts receivable 1,895,000 1,895,000 4 2021 2,059,000 Cost of construction Construction in progress Revenue from long-term contracts 0 Raq 28 > Required information Req 2A Reg 2B Req 2c In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) General Journal Credit 2022 Construction in progress 2,627,000 Various accounts 2,627,000 No Date Debit 1 2 2022 Accounts receivable Billings on construction contract 2,496,000 2,496,000 3 3 2022 Cash Accounts receivable 2,400,000 2,400,000 4 2022 2,627,000 Cost of construction Construction in progress Revenue from long-term contracts Req 2A Req 2c> Required information Reg 2A Req 28 Reo 2c In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) No General Journal Debit Credit Construction in progress 2,655,400 Various accounts 2,655,400 Date 2023 1 2 2023 5,314,000 Accounts receivable Billings on construction contract 5,314,000 3 2023 5,705,000 Cash Accounts receivable 5,705,000 4 2023 2,655 400 Cost of construction Construction in progress Revenue from long term contracts OOO
