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.

Req $1$

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

Note: Leave no cells blank $-$ be certain to enter $"0"$ wherever required. Loss amounts should be indicated with a minus sign.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.