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Required information Problem 5-10 Long-term contract; revenue recognition over time [LO5-8, 5-9] The following information...

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Required information Problem 5-10 Long-term contract; revenue recognition over time [LO5-8, 5-9] The following information applies to the questions displayed below. In 2018, 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 2020. Information related to the contract is as follows 2019 $2,640,000 $2,300,000 $2,926,000 2,660,000 2018 2020 Cost incurred during the year Estimated costs Billings during the year Cash collections during the year to complete as of year-end 6,16 2,08 0,000 0,000 2,860,000 5,060,000 1,840,000 2,800,000 5,360,000 Westgate recognizes revenue over time according to percentage of completion. Problem 5-10

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