Requlred Information Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 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 1 Requlred: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. Note: Do not round Intermedlate calculatlons. Loss amounts should be Indleated with a minus sign. 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 this question by entering your answers in the tabs below. In the journal below, complete the necessary journal entries for the year 2024 (credit "Cash, Materials, etc." for construction costs incurred). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 4 Note: Enter debits before credits. Requlred Information Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 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 colculatlons. 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. Note: Do not round Intermedlate caleulatlons and round your final answers to the nearest whole dollar amount. Loss amounts should be Indleated with a minus sign