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 collection 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 2023 $2,849,000 0 5,190,000 5, 420,000 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 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: Coat Ineurred during the year Estimated costs to complete all of your-and Billinga daring the year Cash collections 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 2023 $2,849,000 0 5,190,000 5,420,000 Westgate recognizes revenue over time according to percentage of completion 2-a. In the joumal 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) Journal entry worksheet 1 2 3 4 > Record construction costs. Note: Enter debits before credits. Date General Journal Debit Credit 2021 Record entry Clear entry View general Journal Journal entry worksheet Record construction costs. Note: Enter debits before credits. Date General Journal Debit Credit 2022 Record entry Clear entry View general Journal Journal entry worksheet NE Record progress billings. Note: Enter debits before credits. Date General Journal Dobit Credit 2022 Record entry Clear entry View general Journal Journal entry worksheet Record cash collections. Note: Enter debits before credits General Journal Debit Credit Date 2022 Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 > Record gross profit (loss). Note: Enter debits before credits. Date General Journal Debit Credit 2022 Record entry Clear entry View general Journal
