Problem 5-10 Long-term contract; revenue recognltlon over time [LOS-8, 5-9] 12.5 polnts 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: 2018 2019 $2,400,000 $3,600,000 $2,200,000 eBook 2020 Cost incurred during the year Estimated costs to coaplete as of year end 5,600,000 2,000,000 Billings during the year Cash collections during the year Print 2,000,C00 4,000,000 4,000,000 1,800,000 3,600,000 4,600,000 Westgate recognized revenue over time according to percentage of completion. Required 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years 2-a. In the journal betow, complete the necessary journal entries for the year 2018 (credit "Various accounts" for construction costs incurred). 2. ln 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