Problem 6-11 (Algo) Long-term contract; revenue recognition upon completion (LO6-9) In 2021, 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 2023. Information related to the contract is as follows: 2021 2022 2023 Cost incurred during the year $2,624,000 $1,690,000 $ 2,074,600 Estimated costs to complete as of year-end 5.576,000 1,886,000 0 Billings during the year 2,200,000 4,114,000 3,686,000 Cash collections during the year 2,000,000 3,800,000 4,200,000 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. 2-a. In the journal below.complete the necessary journal entries for the year 2021 (credit "Vartous accounts for construction costs Incurred). 2b. In the journal below.complete the necessary Journal entries for the year 2022 (credit "Vanous accounts for construction costs 2c in the journal below.complete the necessary journal entries for the year 2023 (credit "Varlous accounts for construction costs 3. Complete the information required below to prepare a partal balance sheet for 2021 and 2022 showing any items related to the 4. Calculate the amount of revenue and gross profit (los) to be recognized in each of the three years assuming the following costs incurred and costs to complete information $3,810,000 $3,220,000 Estimated costs to complete as of year-end 3,120,000 2022 2023 Cost Incurred during the year 2021 $2,420,000 5,620,000 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 2021 $2,420,000 5,620,000 Cost Incurred during the year Estimated costs to complete as of year-end 2022 $3,810,000 4,120,000 2023 $3,930,000 Complete this question by entering your answers in the tabs below. Req Red 2A Reg 26 Reg 20 Rega Reg 4 Reg 5 Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Leave no cells blank - be certain to enter *o* wherever required. Loss amounts should be indicated with a minus sign.) 2021 2022 2023 Revenue Gross profit (loss) Reg 2A >