Problem 5-10 Long-term contract; revenue recognition over time [LO5-8, 5-9 IThe 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: Cost incurred during the year Estimated costs to complete a# of year-end Billings during the year Cash collections during the year 2.400-000S3,600,000 $2,200,000 5,600,0002 000,000 2,000,000000,0004,000 000 1,800,000 3.600,000 4,600,000 Westgate recognizes revenue over time according to percentage of completion Problem 5-10 Part 2 2-a. In the journal below, complete the necessary journal entries for the year 2018 (credit "Various accounts" for construction costs incurred) 2-b. In the journal below, complete the necessary journal entries for the year 2019 (credit Various accounts for construction costs incurred) 2-c. In the journal below, complete the necessary journal entries for the year 2020 (credit Various accounts for construction costs incurred) question by entering your answers in the tabs below. Req 2A Req 2B Req 2C In the yournal below, complete the necessary journal entries for the year 2018 Ccredit "Various accounte for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry requiredt in the first account field.) 5 Required information rt 2 of 3 Req 2A Req 28 Req 2C In the journal below, complete the necessary journal entries for the year 2018 (credit "Various accounts for construction costs incu (If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld.) 12 ints View transaction list Journal entry worksheet eBook Print Record construction costs References Note: Enter debits before credits. Date General Journal Debit Credit 2019 Record entry Clear entry View general journal 0 Required information Req 2A Req 2B Req 2C In the journal below, complete the necessary journal entries for the year 2018 (credit "Various accounts" for construction (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 4 Record progress billings. Note: Enter debits before credits. Dobit Creai Date 2019 General Journal Record entry Clear entry View general journal Saved 0 Required information Req 2A Req 2B Req 2C In the journal below, complete the necessary jourmal entries for the year 2018 (credit "Various accounts" for construction costs (If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld.) View transaction list Journal entry worksheet Record cash collections. es Note: Enter debits before credits. Date General Journal Debit Credit 2019 Record entry Clear entry View general journal Required intormation Req 2A Req 2B Req 2C In the journal below, complete the necessary journal entries for the year 2018 (credit "Various accounts" for construction (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record gross profit (loss). Note: Enter debits before credits Date General Journal Debit Credit 2019 Record entry Clear entry View general journal