same question 2 parts

0 24 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: Part 1 of 2 6 points Cost Incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,400,000 5,600,000 2,000,000 1,800,000 2022 $3,600,000 2,000,000 4,000,000 3,600,000 2023 $2,200,000 0 4,000,000 4,600,000 03:24:52 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 Ravenue Gross profits O 25 Part 2 of 2 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 2022 2023 Cost incurred during the year $2,400,000 $3,600,000 $2,200,000 Estimated costs to complete as of year-end 5,600,000 2,000,000 0 Billings during the year 2,000,000 4,000,000 4,000,000 Cash collections during the year 1,800,000 3,600,000 4,600,000 18 pots 03:24:30 Westgate recognizes revenue over time according to percentage of completion 2.a. in the journal 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 2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts for construction costs incurred) Complete this question by entering your answers in the tabs below. Reg 2A Reg 28 Reg 20 Required information 25 Reg 2A Reg 2B Reg 2C In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first accou Part 2 of 2 View transaction list 18 points Journal entry worksheet 03:24:15 1 2 3 4 A Record construction costs. Note: Enter debits before credits. Date General Journal Debit Credit 2021 ME 0 24 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: Part 1 of 2 6 points Cost Incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,400,000 5,600,000 2,000,000 1,800,000 2022 $3,600,000 2,000,000 4,000,000 3,600,000 2023 $2,200,000 0 4,000,000 4,600,000 03:24:52 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 Ravenue Gross profits O 25 Part 2 of 2 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 2022 2023 Cost incurred during the year $2,400,000 $3,600,000 $2,200,000 Estimated costs to complete as of year-end 5,600,000 2,000,000 0 Billings during the year 2,000,000 4,000,000 4,000,000 Cash collections during the year 1,800,000 3,600,000 4,600,000 18 pots 03:24:30 Westgate recognizes revenue over time according to percentage of completion 2.a. in the journal 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 2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts for construction costs incurred) Complete this question by entering your answers in the tabs below. Reg 2A Reg 28 Reg 20 Required information 25 Reg 2A Reg 2B Reg 2C In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first accou Part 2 of 2 View transaction list 18 points Journal entry worksheet 03:24:15 1 2 3 4 A Record construction costs. Note: Enter debits before credits. Date General Journal Debit Credit 2021 ME