Problem 5-11 Long-term contract: revenue recognition upon completion [L059] In 2016. the Weetgate Construction Company entered Into a contract to oonstnttt a road tor Santa Clara Gounty for itDDUD. The road was completed In 2018. lnformatlon related to the contract Is as follows: 2MB 2M? 2111! eet incurred strlng the year $2,24.IJIIII ssoeoooo REF-1.600 Estimated costs to complete as cfyeat-end 5.5?EIJJEIID 1.EBE.UI.'IEI I] Bllllngs durlng the year 2.2110.DDD tot-moo EEBIELDD Gash milettlcne dutlng the rear LEE-EDDIE osooooo #Emtm Westgate onstructlon uses the completed contract method ofacoounllng for long-term oonstntctlon contracts. Required: 1. alculate the amount o1 revenue and gross protlt {loss} to toe recognized in each of the three years. [Loss amounts should be lndlcatted wlth a minus. sip mi 5 S W 2.5m- mm 5 WW, II 2-1 In the Journal helm. complete the necessary-journal entries for the year 20115 {credlt 'U'arlous aooounte' for construction costs Incurred]. {If no entry:I ls required tor a transactlortreuentr select \"Ho journal entry required" In the first account l'leld.)