Question: LOOKING FOR THE ANSWER TO BALANCE SHEET QUESTION PLEASE. THANK YOU In 2024, the Westgate Construction Company entered into a contract to construct a road

 LOOKING FOR THE ANSWER TO BALANCE SHEET QUESTION PLEASE. THANK YOU

LOOKING FOR THE ANSWER TO BALANCE SHEET QUESTION PLEASE. THANK YOU

In 2024, 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 2026. 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. Westgate recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) Current assets: Current liabilities: 2024 2024 $ 2,400,000 5,600,000 2,000,000 1,800,000 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract. Note: Do not round intermediate calculations. 0 0 2025 $ 3,600,000 2,000,000 4,000,000 3,600,000 2025 0 2026 $ 2,200,000 0 0 4,000,000 4,600,000

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