Ccomplete problem p$-11$ with the information in the problem above.

Westgate recognizes revenue over time according to percentage of completion.

Required:

Calculate the amount of revenue and gross profit to be recognized in each of the three years.

Prepare all necessary journal entries for each of the years $($credit "Cash, Materials, etc." for construction costs incurred$).$

Prepare a partial balance sheet for $2024$ and $2025$ showing any items related to the contract. Indicate whether any of the amounts

shown are contract assets or contract liabilities.

Calculate the amount of revenue and gross profit to be recognized in each of the three years, assuming the following costs incurred

and costs to complete information:

Calculate the amount of revenue and gross profit to be recognized in each of the three years, assuming the following costs incurred

and costs to complete information:

P $6-11$ Long$-$term contract; revenue recognition upon completion $\sqrt[\phantom{2}]{4}$ LO$6-9$

$[$This is a variation of $P6-10$ modified to focus on revenue recognition upon project completion.$]$