accounting practice problem

3 Check my v Required information [The following information applies to the questions displayed below.] Part 3 of 3 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: 1 2021 2022 points Cost incurred during the year $2, 400, 000 2023 $3, 600, 000 $2, 200, 000 Estimated costs to complete as of year-end 5, 600, 000 2, 000, 000 Billings during the year 2, 000, 000 4, 000, 000 4,000, 000 Cash collections during the year 1, 800, 000 3, 600, 000 4, 600, 000 eBook Print Westgate recognizes revenue over time according to percentage of completion. References 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. (Do not round intermediate calculations.) Balance Sheet (Partial) 2021 2022 Current assets: Constuction receivable Construction in progress Less: Billings 0 0 Current liabilities