(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: 2023 $1,980,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,523,000 6, 177,000 2,070,000 1,835,000 2022 $3,177,000 1,800,000 3,630,000 3,400,000 4,300,000 4,765,000 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 relate contract. (Do not round intermediate calculations.) Balance Sheet (Partial) 2021 2022 Current assets: Accounts receivable 2,070,000 3,630,000 Construction in progress Less: Billings Costs and profit in excess of billings Current liabilities: (2,070,000) (3,630,000) (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 $2,523,000 6,177,000 2,070,000 1,835,000 2022 $3,177,000 1,800,000 3,630,000 3,400,000 2023 $1,980,000 0 4,300,000 4,765,000 Westgate recognizes revenue over time according to percentage of completion. 4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following co incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nea whole dollar amount. Loss amounts should be indicated with a minus sign.) Costs incurred during the year Estimated costs to complete as of year-end 2021 $2,523,000 6,177,000 2022 $3,835,000 3,135,000 2023 $3,235,000 0 2021 2022 2023 Revenue Gross profit (loss) [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 $2,523,000 6,177,000 2,070,000 1,835,000 2022 $3,177,000 1,800,000 3,630,000 3,400,000 2023 $1,980,000 0 4,300,000 4,765,000 Westgate recognizes revenue over time according to percentage of completion. 5. Calculate 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. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.) Costs incurred during the year Estimated costs to complete as of year-end 2021 $2,523,000 6,177,000 2022 $3,835,000 4,170,000 2023 $4,005,000 2021 2022 2023 Revenue Gross profit (loss)