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Problem 5-11 Long-term contract; revenue recognition upon completion [LO5-9] In 2016, 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 2018. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2016 2,511,00 $ $ 0 5,589,00 0 2,100,00 0 1,890,00 0 2017 3,645,00 $ 0 1,944,00 0 4,056,00 0 3,700,00 0 2018 2,138,40 0 0 3,844,00 0 4,400,00 0 Westgate Construction uses the completed contract method of accounting for long-term construction contracts. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Loss amounts should be indicated with a minus sign.) 2-a. In the journal below, complete the necessary journal entries for the year 2016 (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.) 2-b. In the journal below, complete the necessary journal entries for the year 2017 (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.) 2-c. In the journal below, complete the necessary journal entries for the year 2018 (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.) 3. Complete the information required below to prepare a partial balance sheet for 2016 and 2017 showing any items related to the contract. 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. (Loss amounts should be indicated with a minus sign.) Cost incurred during the year Estimated costs to complete as of year-end 2016 2017 2018 2,410,00 3,805,00 3,210,00 $ $ $ 0 0 0 5,610,00 3,110,00 0 0 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. (Loss amounts should be indicated with a minus sign.) Cost incurred during the year Estimated costs to complete as of year-end 2016 2017 2018 2,410,00 3,805,00 3,915,00 $ $ $ 0 0 0 5,610,00 4,110,00 0 0 0