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this one has four too record the construction cost , record the progress building , record the cash collections and record the gross profit (loss)

Complete this question by entering your answers in the tabs below. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using the above Information. Note: Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign. Note : = = journal entry has been entered Viow transaction ilst 1 Record the construction costs. 2. Record the progress billings. 3 Record the cash collections. 4 Record the gross profit (loss). Note : = joumal entry has been entered Record entry Clear entry View general joumal Journal entry worksheet Record the construction costs. Note: Enter debits before credits. alculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. ote: Leave no cells blank - be certain to enter "0 wherever required. Loss amounts should be indicated with a minus sign. In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa Claro County for $10,000,000. The road was completed in 2026 . Information related to the contract is as follows: Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. 2-a. In the joumal below, complete the necessary journal entries for the year 2024 (credit "Cash, Materials, etc" for construction costs incurred). 2b. In the journal below, complete the necessary journal entries for the year 2025 (credit "Cash, Materials, etc:" for construction costs incurred). 2-c. In the journal below, complete the necessary journal entries for the year 2026 (credit "Cash, Materials, etc." for construction costs incurred). 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 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. 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. Complete this question by entering your answers in the tabs below. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract. Complete this question by entering your answers in the tabs below. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using the above information. Note: Leave no cells blank - be certain to enter 1 wherever required. Loss amounts should be indicated with a minus sign