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

Problem $6-10($Static$)$ 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:

$[$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.

In the journal below, complete the necessary journal entries for the year $2026($credit $$Cash$,$ Materials, etc.$$ for construction costs incurred$).$

$\backslash$table$[[$No$,$Date,General Jo$,,$Debit,Credit$],[1,2026,$Construction in progress,$(,2,200,000$vv$,],[,$Cash, materials, etc.,V$,,2,200,000$vv$],[2,2026,$Accounts receivable,$(,4,000,000,],[,$Billings on construction contract,V$,,4,000,000$vv$],[3,2026,$Cash,V$,4,600,000,],[,$Accounts receivable,V$,,4,600,000$vv$],[4,2026,$Cost of construction,grad,$2,200,000,],[,$Construction in progress,V$,,2,200,000\backslash$times $],[,$Construction in progress,x$,2,200,000\backslash$times $,],[,$Revenue from long$-$term contracts,x$,,1,200,000\backslash$times $]]$