Secure https/ewconnect.mhed /connect.html Mode: P5-11 6 Problem 5-11 Long-term contract revenue recognition upon completion [LOS-9) In 2018, 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 2020. Information related to the contract s as follows: 2.975,$3,825,800 $1,878,800 Estimated costs to conplete as of year-end illings during the year Cash collections during the year , 28,89 Westgate Construction uses the completed contract method of accounting for long-term construction contracts 1 Calculate the amount of revenue and gross profit (oss) to be recogntzed in each of the three years 2-0. In the journal below, complete the necessary journal entnes for the year 201B(credit "Vanous accounts" for construction costs ncurred 2-b. In the Journal below, complete the necessary jounal entries for the year 2019 (credit "Varlous accounts" for construction costs Incurred). 2-c. In the journal below, complete the necessary journal entries for the year 2020 (credit Various accounts for const ction costs Incurred 3. Complete the informeation required below to prepare a parsal balance sheet for 2018 and 2019 showing any ltems related to the controct 4. Calculate the amount of revenue and gross profit Goss) to be recognized in each of the three years assuming the following costs Incurred and costs to complete Informaton Cost incurred during the year Estisated costs to conplete as of year-end55e,ee .15e,0e0 5. Cakculate 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 2829 Cost incunred during the year Estinated costs to conplete as of year-end 5,65e,eee4,15e,eee Complete this question by entering your answers in the tabs below Req 1 Req 2A Req 2e Req 20 Req 3 Req 4 Req 5 Prey, 1of1? Next