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

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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 $ $2,291,000$ $ $3,555,000$ $ $2,259,400$

Estimated costs to complete as of year$-$end $5,609,0002,054,0000$

Billings during the year $2,110,0003,736,0004,154,000$

Cash collections during the year $1,855,0003,500,0004,645,000$

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

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$[$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:

$202420252026$

Cost incurred during the year $ $2,291,000$ $ $3,555,000$ $ $2,259,400$

Estimated costs to complete as of year$-$end $5,609,0002,054,0000$

Billings during the year $2,110,0003,736,0004,154,000$

Cash collections during the year $1,855,0003,500,0004,645,000$

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

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$[$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:

$202420252026$

Cost incurred during the year $ $2,291,000$ $ $3,555,000$ $ $2,259,400$

Estimated costs to complete as of year$-$end $5,609,0002,054,0000$

Billings during the year $2,110,0003,736,0004,154,000$

Cash collections during the year $1,855,0003,500,0004,645,000$

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

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$[$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:

$202420252026$

Cost incurred during the year $ $2,291,000$ $ $3,555,000$ $ $2,259,400$

Estimated costs to complete as of year$-$end $5,609,0002,054,0000$

Billings during the year $2,110,0003,736,0004,154,000$

Cash collections during the year $1,855,0003,500,0004,645,000$

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

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$[$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:

$202420252026$

Cost incurred during the year $ $2,291,000$ $ $3,555,000$ $ $2,259,400$

Estimated costs to complete as of year$-$end $5,609,0002,054,0000$

Billings duringProblem $6-$ Can you please include all steps. thanks