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 $2,604,000 5,796,000 2,040,000 1,820,000 2022 $4,032,000 1,764,000 4,596,000 4,000,000 2023 $1,940,400 0 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.) Balance Sheet (Partial) 2021 2022 Current assets: Accounts receivable $ 220,000 $ 596,000 X Construction in progress $ 3,100,000 $ 4,800,000 X Less: Billings 2,040,000 4,596,000 Costs and profit in excess of billings 1,060,000 204,000 Current liabilities: Accounts payable $ 0 $ 0 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. 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 $2,604,000 5,796,000 2,040,000 1,820,000 2022 $4,032,000 1,764,000 4,596,000 4,000,000 2023 $1,940,400 0 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.) Balance Sheet (Partial) 2021 2022 Current assets: Accounts receivable $ 220,000 $ 596,000 X Construction in progress $ 3,100,000 $ 4,800,000 X Less: Billings 2,040,000 4,596,000 Costs and profit in excess of billings 1,060,000 204,000 Current liabilities: Accounts payable $ 0 $ 0 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted