*Same for Req 2A-2C (2018-2020)

1:: Record construction costs.

2: Record progress billings.

3: Record cash collections.

4: Record gross profit (loss).

*Same format for req 5 in accordance with instructions in the first image

In 2018, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,00o. The road was completed In 2020. Information related to the contract Is as follows: 2018 2019 2020 Cost incurred during the year Estimated costs to complete as of $2,184,000 $3,510,000 $2,316,600 5,616,000 2,106,000 year-end Billings during the year Cash collections during the year 2,120,000 1,860,000 3,574,000 3,400,000 4,306,000 4,740,000 Westgate recognizes revenue over time according to percentage of completion 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 2018 (credit "Various accounts" for construction costs incurred) 2-b. In the Journal below, complete the necessary Journal entries for the year 2019 (credit "Various accounts" for construction costs incurred) 2-c. In the Journal below, complete the necessary Journal entries for the year 2020 (credit "Various accounts" for construction costs Incurred) 3. Complete the information required below to prepare a partlal balance sheet for 2018 and 2019 showing any Items related to the contract 4. 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 2018 2019 2020 Cost incurred during the year Estimated costs to complete as of year- $2,184,000 $3,860,000 $3,260,000 5,616,000 3,160,000 end 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 2018 2019 2020 Cost incurred during the year Estimated costs to complete as of year-5.616 , 000 $2,184,000 $3,860,000 $4,080,000 4,220,000 end Req 2A Req 1 Req 2B Req 2C Req 3 Req 4 Req 5 Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do intermediate calculations. Loss amounts should be indicated with a minus sign.) 2018 2019 2020 Revenue Gross profit (loss) Req 2C Req 4 Req 5 Req 1 Req 2A Rea 2B Req 3 In the journal below, complete the necessary journal entries for the year 2018 (credit "Various accour (If no entry is required for a transaction/event, select "No journal entry required" in the first account View transaction list Journal entry worksheet 1 2 3 4 Record construction costs. Note: Enter debits before credits. Date General Journal Debit Credit 2019 Record entry Clear entry View general journal Req 2B Req 4 Req 5 Req 1 Req 2A Req 2C Req 3 Complete the information required below to prepare a partial balance sheet for 2018 and 2019 sh the contract. (Do not round intermediate calculations.) Balance Sheet (Partial) 2018 2019 Current assets: Current liabilities: Req 2B Req 1 Req 2A Req 2C Req 3 Req 4 Req 5 Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years as costs incurred and costs to complete information. (Do not round intermediate calculations and round nearest whole dollar amount. Loss amounts should be indicated with a minus sign.) 2018 2019 2020 Revenue Gross profit (loss)