Required Information

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:

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 Intermedlate calculations.

$\backslash$table$[[$Balance Sheet $($Partial$),2024,],[$Current assets:,,,$],[$Accounts receivable,,,$],[$Construction in progress,$(2,150,000),,],[$Less: Billings,,$(2,150,000),],[$CIP in excess of billings,,,$],[$Current liabilities:,,,$],[,,,],[,,,],[,,,]]$