[The following information applies to the questions displayed below.] In 2024, 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 2026. Information related to the contract is as follows: Cost incurred during the year 2024 2025 2026 $ 2,580,000 6,020,000 2,060,000 $ 4,042,000 $ 2,175,800 1,978,000 4,562,000 0 1,830,000 4,200,000 3,378,000 3,970,000 Billings during the year Estimated costs to complete as of year-end Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract. Note: Do not round intermediate calculations. Balance Sheet (Partial) Current assets: Current liabilities: 2024 2025 +