In 2018, the Westgate Construction Company entered into acontract to construct a road for Santa Clara County for$10,000,000. The road was completed in 2020. Information related tothe contract is as follows: 2018 2019 2020 Cost incurred during theyear $ 2,604,000 $ 4,032,000 $ 1,940,400 Estimated costs tocomplete as of year-end 5,796,000 1,764,000 0 Billings during theyear 2,040,000 4,596,000 3,364,000 Cash collections during the year1,820,000 4,000,000 4,180,000 Westgate recognizes revenue over timeaccording to percentage of completion. Required: 1. Calculate theamount of revenue and gross profit (loss) to be recognized in eachof the three years. 2-a. In the journal below, complete thenecessary journal entries for the year 2018 (credit "Variousaccounts" for construction costs incurred). 2-b. In the journalbelow, 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 forthe year 2020 (credit "Various accounts" for construction costsincurred). 3. Complete the information required below to prepare apartial balance sheet for 2018 and 2019 showing any items relatedto the contract. 4. Calculate the amount of revenue and grossprofit (loss) to be recognized in each of the three years assumingthe following costs incurred and costs to complete information.2018 2019 2020 Cost incurred during the year $ 2,604,000 $3,820,000 $ 3,220,000 Estimated costs to complete as of year-end5,796,000 3,120,000 0 5. Calculate the amount of revenue and grossprofit (loss) to be recognized in each of the three years assumingthe following costs incurred and costs to complete information.2018 2019 2020 Cost incurred during the year $ 2,604,000 $3,820,000 $ 3,960,000 Estimated costs to complete as of year-end5,796,000 4,140,000 0