Chapter 06 X C In 2018, The Westgate Constru X * Homework Help - Q&A from C X *2 explanation.png (PNG https:/ewconnect.mheducation.com/flow/connect.html Chapter 06 1 Saved 9 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: 3 2021 2023 points Cost incurred during the year Estimated costs to complete as of year-end $2, 291, 000 5, 609, 000 $3, 555, 000 Billings during the year 2, 054, 000 $2, 259, 400 cash collections during the year 1, 900, 000 1, 700, 000 3, 946, 000 3, 500, 000 4, 154, 000 4, 800, 000 Book Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time. Print Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. 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). incurred). 2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costs contract. 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the 4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. Cost incurred during the year 2021 2, 510, 000 2022 Estimated costs to complete as of year-end 5, 710, 000 $3, 855, 000 2023 3, 210, 000 $3, 210, 000 0 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information 2021 2023 cost incurred during the year Estimated costs to complete as of year-end 2, 510, 000 2022 5 , 710, 000 $3, 855, 000 4, 210, 000 $4, 065, 000 Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 2C Reg 3 Req 4 Req 5 In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet X No Date General Journal Debit Credit 2023 Construction in progress 2,259,400 Various accounts 2,259,400 2 2023 Accounts receivable 4,154,000 Billings on construction contract 4, 154,000 2023 Cash 4,800,000 Accounts receivable 4,800,000 4 2023 1,894,600 Construction in progress 1,894,600