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 $2, 490, 000 5, 810, 000 2022 $3, 984, 000 2023 $2, 008, 600 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 1, 826, 000 0 3, 526, 000 4, 285, 000 2, 030, 000 1, 815, 000 4, 444, 000 3, 900, 000 Westgate recognizes revenue over time according to percentage of completion. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) 2021 2022 2023 Revenue Gross profit (loss) Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 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.) View transaction list Journal entry worksheet K 1 2 4 Record construction costs. Note: Enter debits before credits. General Journal Date Debit Credit 2021 Clear entry Record entry View general journal Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 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.) View transaction list Journal entry worksheet 1 2 3 4 Record progress billings. Note: Enter debits before credits. Date General Journal Debit Credit 2021 Clear entry View general journal Record entry Reg 2A Req 2B Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 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.) View transaction list Journal entry worksheet K 2 1 4 Record cash collections Note: Enter debits before credits. Debit Date General Journal Credit 2021 Clear entry Record entry View general journal Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 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.) View transaction list Journal entry worksheet K 1 2 4 Record gross profit (loss) Note: Enter debits before credits. Date General Journal Debit Credit 2021 Record entry View general journal Clear entry Complete this question by entering your answers in the tabs below. Req 2A Req 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.) View transaction list Journal entry worksheet 4. 1 2 3 Record construction costs Note: Enter debits before credits. Date General Journal Debit Credit 2022 Record entry View general journal Clear entry Reg 2A Reg 2C Complete this question by entering your answers in the tabs below. Req 2A Req 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.) View transaction list Journal entry worksheet K1 2 4 Record cash collections Note: Enter debits before credits. Date General Journal Debit Credit 2022 Clear entry Record entry View general journal De 24 Complete this question by entering your answers in the tabs below. Req 2A Req 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.) View transaction list Journal entry worksheet K1 2 4 Record gross profit (loss) Note: Enter debits before credits. Date General Journal Debit Credit 2022 Clear entry Record entry View general journal Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 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.) View transaction list Journal entry worksheet 1 2 3 Record construction costs Note: Enter debits before credits. Date General Journal Debit Credit 2023 Clear entry Record entry View general journal Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 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.) View transaction list Journal entry worksheet K 1 2 3 4 Record progress billings. Note: Enter debits before credits. General Journal Date Debit Credit 2023 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 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.) View transaction list Journal entry worksheet K1 2 3 4 Record cash collections Note: Enter debits before credits. Date General Journal Debit Credit 2023 Record entry View general journal Clear entry Complete this question by entering your answers in the tabs below Rag 2A Reg 2B Rag 2C n the journal below, complete the necessary journal entries for the year 2023 (redit "Variouss acoounts for coristruction costs incurred), f no antry Is required for a transaction /avent,, saloct "No joumal antry requirad" In the first account field.) View transaction ist Journal entry worksheet 2 4 Record gross profit (loss) Note: Enter delbils before uedts Dabt redilt General Joumal Date 2023 Record entry Clear entry View general journal 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 $2, 490, 000 5, 810, 000 2022 $3, 984, 000 2023 $2, 008, 600 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 1, 826, 000 0 3, 526, 000 4, 285, 000 2, 030, 000 1, 815, 000 4, 444, 000 3, 900, 000 Westgate recognizes revenue over time according to percentage of completion. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) 2021 2022 2023 Revenue Gross profit (loss) Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 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.) View transaction list Journal entry worksheet K 1 2 4 Record construction costs. Note: Enter debits before credits. General Journal Date Debit Credit 2021 Clear entry Record entry View general journal Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 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.) View transaction list Journal entry worksheet 1 2 3 4 Record progress billings. Note: Enter debits before credits. Date General Journal Debit Credit 2021 Clear entry View general journal Record entry Reg 2A Req 2B Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 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.) View transaction list Journal entry worksheet K 2 1 4 Record cash collections Note: Enter debits before credits. Debit Date General Journal Credit 2021 Clear entry Record entry View general journal Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 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.) View transaction list Journal entry worksheet K 1 2 4 Record gross profit (loss) Note: Enter debits before credits. Date General Journal Debit Credit 2021 Record entry View general journal Clear entry Complete this question by entering your answers in the tabs below. Req 2A Req 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.) View transaction list Journal entry worksheet 4. 1 2 3 Record construction costs Note: Enter debits before credits. Date General Journal Debit Credit 2022 Record entry View general journal Clear entry Reg 2A Reg 2C Complete this question by entering your answers in the tabs below. Req 2A Req 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.) View transaction list Journal entry worksheet K1 2 4 Record cash collections Note: Enter debits before credits. Date General Journal Debit Credit 2022 Clear entry Record entry View general journal De 24 Complete this question by entering your answers in the tabs below. Req 2A Req 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.) View transaction list Journal entry worksheet K1 2 4 Record gross profit (loss) Note: Enter debits before credits. Date General Journal Debit Credit 2022 Clear entry Record entry View general journal Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 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.) View transaction list Journal entry worksheet 1 2 3 Record construction costs Note: Enter debits before credits. Date General Journal Debit Credit 2023 Clear entry Record entry View general journal Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 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.) View transaction list Journal entry worksheet K 1 2 3 4 Record progress billings. Note: Enter debits before credits. General Journal Date Debit Credit 2023 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 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.) View transaction list Journal entry worksheet K1 2 3 4 Record cash collections Note: Enter debits before credits. Date General Journal Debit Credit 2023 Record entry View general journal Clear entry Complete this question by entering your answers in the tabs below Rag 2A Reg 2B Rag 2C n the journal below, complete the necessary journal entries for the year 2023 (redit "Variouss acoounts for coristruction costs incurred), f no antry Is required for a transaction /avent,, saloct "No joumal antry requirad" In the first account field.) View transaction ist Journal entry worksheet 2 4 Record gross profit (loss) Note: Enter delbils before uedts Dabt redilt General Joumal Date 2023 Record entry Clear entry View general journal