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In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000The road was completed in 2026Information related to the contract is as follows: 2025 2026 1,870,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2024 $ 2,975,000 5,525,000 2,500,000 2,300,000 $ 3,825,000 1,700,000 4,300,000 4,100,000 3,200,000 3,600,000 Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years 2-. In the journal belowcomplete the necessary journal entries for the year 2024 (credit CashMaterials etc. for construction costs incurred ) 2-bIn the journal belowcomplete 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 CashMaterials , etc.for construction costs incurred) 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 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 Cost incurred during the year Estimated costs to complete as of year -end 2024 2,450,000 5,650,000 2025 3,825,000 3,150,000 2026 3,250,000 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 Cost incurred during the year Estimated costs to complete as of year -end 2024 2,450,000 5,650,000 2025 3,825,000 4,150,000 2026 3,975,000

5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years, assuming the following incurred and costs to complete information. Complete this question by entering your answers in the tabs below. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using the above information. Note: Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign. 5. Calculate the amount of revenue and gross profit (loss) to be recognized h each of the three years, assuming the incurred and costs to complete information. Complete this question by entering your answers in the tabs below. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years using the above information. Note: Leave no cells blank - be certain to enter " 0 " wherever required, Loss amounts should be indicated with a minus sian. 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." fo incurred). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Complete this question by entering your answers in the tabs below. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing the contract. Complete this question by entering your answers in the tabs below. 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: Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time 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 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). 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 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. 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. Complete this question by entering your answers in the tabs below. 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

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