Problem $6-11($Algo$)$ Long$-$term contract; revenue recognition upon completion $[$LO$6-9]$

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:

$202420252026$

Cost incurred during the year $ $1,491,000$ $ $3,195,000$ $ $2,655,400$

Estimated costs to complete as of year$-$end $5,609,0002,414,0000$

Billings during the year $1,100,0003,586,0005,314,000$

Cash collections during the year $900,0002,700,0006,400,000$

Assume that Westgate Construction$$s contract with Santa Clara County does not qualify for revenue recognition over time.

Required:

$1.$ Calculate the amount of revenue and gross profit $($loss$)$ to be recognized in each of the three years.Problem $6-11($Algo$)$ Long$-$term contract; revenue recognition upon completion $[$L$06-9]$

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:

Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time.

Required:

Calculate the amount of revenue and gross profit $($loss$)$ to be recognized in each of the three years.

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

incurred$).$

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

incurred$).$

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

incurred$).$

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

contract.

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.

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.

Complete this question by entering your answers in the tabs below.

Calculate the amount of revenue and gross profit $($loss$)$ to be recognized in each of the three years.

Please show all the calculations!!