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15 Required information Problem 6-10 (Algo) Long-term contract; revenue recognition over time (L06-3, 6-9) The following information applies to the questions displayed below.) 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: 2023 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collection during the year 2021 2022 $2,100,000 $2,450.000 4.900.000 2,450,000 2,200,000 2,350,000 1.900,000 2.300.000 $2,695,000 0 5,450,000 5,800,000 Westgate recognizes revenue over time according to percentage of completion Problem 6-10 (Algo) Part 1 Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign) 2022 Revenue Gross profit (los) Westgate recognizes revenue over time according to percentage of completion os Problem 6-10 (Algo) Part 2 2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts for construction costs incurred) 2-6. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts for construction costs incurred) 2-c. In the journal below, complete the necessary Journal entries for the year 2023 (credit Various accounts for construction costs incurred) Complete this question by entering your answers in the tabs below. Reg 2 Reg 28 Reg 2c ces In the journal below, complete the necessary Journal entries for the year 2021 (credit "Various accounts for construction costs incurred) (tr no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record construction costs Problem 6-10 (Algo) Part 3 3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract (Do not round Intermediate calculations.) Balance Sheet(Partial Current assets: 2021 2022 1 Current abilities Problem 6-10 (Algo) Part 4 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. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.) 2021 2022 2023 Coats incurred during the year $2,100,000 $3,900,000 $3,300,000 Estimated costs to complete as of year and 4,900,000 3,200,000 0 2021 2012 2023 Ruvu Gross profit (los) Problem 6-10 (Algo) Part 5 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. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.) 2021 2022 2023 Conts incurred during the year $2.100.000 $3,900,000 $4,200,000 Estimated costs to complete as of year-end 4,900,000 4,300,000 0 2021 2022 2023 Revenue Gross profit loss)