Problem $6-10($Algo$)$ Long$-$term contract; revenue recognition over time $[$LO$6-8,6-9]$

$[$The following information applies to the questions displayed below.$]$

In $2024,$ 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 $2026.$ Information related to the contract is as follows:

Westgate recognizes revenue over time according to percentage of completion.

Problem $6-10($Algo$)$ Part $2$

$2-$a$.$ In the journal below, complete the necessary journal entries for the year $2024($credit "Cash, Materials, etc." for construction costs

ncurred$).$

$2-$b$.$ In the journal below, complete the necessary journal entries for the year $2025($credit "Cash, Materials, etc." for construction costs

ncurred$).$

$2-$c$.$ In the journal below, complete the necessary journal entries for the year $2026($credit "Cash, Materials, etc." for construction costs

ncurred$).$ Cash collections during the year

$\backslash (1,900,000\backslash )$

$2,300,000$

$5,800,000$

Westgate recognizes revenue over time according to percentage of completion.

Problem $6-10($Algo$)$ Part $3$

$3.$ Complete the information required below to prepare a partial balance sheet for $2024$ and $2025$ showing any items related to the contract.

Note: Do not round intermediate calculations.

$\backslash$begin$\{$tabular$\}\{|$l$|$l$|$l$|$l$|$l$|\}$

$\backslash$hline $\backslash$multicolumn$\{1\}\{|$c$|\}\{$ Balance Sheet $($Partial$)\}$ & $\backslash$multicolumn$\{2\}\{$c$|\}\{2024\}$ & $\backslash$multicolumn$\{2\}\{|$c$|\}\{2025\}\backslash \backslash$

$\backslash$hline Current assets: & & & & $\backslash \backslash$

$\backslash$hline & & & & $\backslash \backslash$

$\backslash$hline & & & & $\backslash \backslash$

$\backslash$hline & & & & $\backslash \backslash$

$\backslash$hline Current liabilities: & & & & $\backslash \backslash$

$\backslash$hline & & & & $\backslash \backslash$

$\backslash$hline & & & & $\backslash \backslash$

$\backslash$hline & & & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$ Problem $6-10($Algo$)$ Long$-$term contract; revenue recognition over time $[$LO$6-8,6-9]$

$[$The following information applies to the questions displayed below.$]$

In $2024,$ the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $\backslash (\backslash$$ $10,000,000\backslash ).$ The road was completed in $2026.$ Information related to the contract is as follows:

Westgate recognizes revenue over time according to percentage of completion.

roblem $6-10($Algo$)$ Part $4$

$.$ Calculate the amount of revenue and gross profit $($loss$)$ to be recognized in each of the three years, assuming the following costs curred and costs to complete information.

lote: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts hould be indicated with a minus sign. Required information

Problem $6-10($Algo$)$ Long$-$term contract; revenue recognition over time $[$LO$6-8,6-9]$

$[$The following information applies to the questions displayed below.$]$

In $2024,$ the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $\backslash (\backslash$$ $10,000,000\backslash ).$ The road was completed in $2026.$ Information related to the contract is as follows:

Westgate recognizes revenue over time according to percentage of completion.

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.

Note: 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.