Part 1

Part 2

2. record progress billings. 3. record cash collections. 4. record gross profit (loss).

2. record progress billings. 3. record cash collections. 4. record gross profit (loss).

2. record progress billings. 3. record cash collections. 4. record gross profit (loss).

Part 3

Part 4

Part 5

Required Informetion Problem 5-10 Long-term contract; revenue recognition over time 105-8, 501 The following Information applies to the questions displayed below In 2018, 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 2020. Information related to the contract is as follows: 2818 2819 2828 Cost incurred during the year estimated costs to complete as of year-end Billings during the year Cash collections during the year $2,844,88 $2,628,e8 $2,898,88e 5,256, 2,628, e89 2,178,888 2,582,888 5, 328,e880 2,688,88 5,515,e88 1,885, e80 Westgate recognizes revenue over time according to percentage of completion