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 $2,694,80 5,796,880 2,84e, eee 1,820, eee 2022 $4,032,080 1,764,000 4,596,00 4,890, eee 2023 $1,940,480 @ 3,364, eee 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 Balance Sheet (Partial) Current assets: $ 3,100,000 2,040,000 Accounts receivable Construction in progress Less: Billings Costs and profit in excess of billings Current liabilities: Accounts payable S 210.000 X $ 704,000 X S 4,800,000 X 6.636,000 1,060,000 (1.836.000) X IS 0 IS 0 4. 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 slgn.) Costs incurred during the year Estimated costs to complete as of year-end 2021 2022 2023 $2,684, eee $3,820, eee $3,220,000 5,796,000 3,120, eee 2021 2022 2023 Revenue Gross profit (loss) 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 Estimated costs to complete as of year-end 2021 $2,684,800 5,796,800 2022 $3,829,800 4,140,000 2023 $3,960,800 2021 2022 2023 Revenue Gross profit (loss)