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 $1,940,400 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,604,000 5,796,000 2,040,000 1,820,000 2022 $4,032,000 1,764,000 4,596,000 4,000,000 3,364,000 4,180,000 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. 2021 2022 $ 220,000 $ 596,000 X $ Balance Sheet (Partial) Current assets: Accounts receivable Construction in progress Less: Billings Costs and profit in excess of billings Current liabilities: Costs and profit in excess of billings $ 3,081,055 X (2,040,000) 7,364,017 X (6,636,000) 1,041,055 728,017 $ 564,000 x