$(8$ points$)$ In $2024,$ the Westgate Construction Company entered into a contract to construct a road for

Santa Clara County for $$10,500,000.$ The road was completed in $2026.$ Information related to the contract is

as follows:

Westgate recognizes revenue over time according to percentage of completion.

Prepare all journal entries necessary to reflect the billings, collections, and revenue

recognition for all three years. Also, record the entry to close out the CIP and Billings

accounts at the end of the contract in $2026.$

Entries for $2024($construction CIP, billings, collections, and revenue recognition$)$

Entries for $2025($construction CIP, billings, collections, and revenue recognition$)$

Entries for $2026($construction CIP, billings, collections, revenue recognition, and closing

billings and CIP$)$