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:

$\backslash$table$[[,2024,2025,2026],[$Cost incurred during the year,$$2,610,000,$$$3,162,000,$$$2,230,800],[$Estimated costs to complete as of year$-$end,$6,390,000,2,028,000,\backslash$theta $],[$Billings during the year,$2,100,000,3,672,000,4,228,000],[$Cash collections during the year,$1,850,000,3,000,000,5,150,000]]$

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.

Answer is complete but not entirely correct.

$\backslash$table$[[\backslash$table$[[$Balance Sheet $($Partial$)],[$Current assets:$]],,2024,2025],[,,$$$250,000,,$$$\_(5\mathrm{.}772\mathrm{.}000)^($$$)$x$],[$Accounts receivable,$0,,],[$Construction in progress,$0,$$$2,900,000,,$$$7,400,000,],[$Less: Billings,$0,(2,100,000),,(5,772,000),],[$CIP in excess of billings,$0,,800,000,,1,628,000],[$Current liabilities:$],[$Accounts payable,x$,,0,,0],[,,,,,],[,,,0,,0]]$