The journal entry of three years are including

1. Reford construction costs.

2. Record progress billings.

3. Record cash collections.

4. Record gross profit (loss).

Much apreciated.

Problem 6-10 (Algo) Long-term contract, revenue recognition over time (LO6-8, 6-9) (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 $2,550,000 5,950,000 2,050,000 1,625,000 2022 $4,250,000 1,700,000 4,750,000 4,100,000 2023 $1,870,000 0 3,200,000 4,075,000 Westgate recognizes revenue over time according to percentage of completion. Problem 6-10 (Algo) Part 2 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 incurred). 2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costs incurred). In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2023 $1,878,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,550,000 5,950,000 2,050,000 1,825,000 2022 $4,250,000 1,700,000 4,750,000 4,100,000 3,200,000 4,075,000 Westgate recognizes revenue over time according to percentage of completion. Problem 6-10 (Algo) Part 1 Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not calculations. Loss amounts should be indicated with a minus sign.) Answer is complete and correct. 2021 2022 2023 3,000,000 $ 5,000,000 $ 2,000,000 450,000 750,000 $ 130,000 Revenue Gross profit (loss)