This is a variation of Problem 5-5 modified to focus on the completed contract method. In problem

Question:

This is a variation of Problem 5-5 modified to focus on the completed contract method.

In problem 5-5, In 2011, 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 2013. Information related to the contract is as follows:

Westgate uses the percentage-of-completion method of accounting for long-term construction contracts.

Required:
Complete the requirements of Problem 5-5 assuming that Westgate Construction uses the completed contractmethod.