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Required information [The following information applies to the questions displayed below.] In...

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Accounting

Required information

[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:

2018 2019 2020
Cost incurred during the year $ 2,580,000 $ 4,042,000 $ 2,175,800
Estimated costs to complete as of year-end 6,020,000 1,978,000 0
Billings during the year 2,060,000 4,562,000 3,378,000
Cash collections during the year 1,830,000 4,200,000 3,970,000

Westgate recognizes revenue over time according to percentage of completion.

rev: 09_15_2017_QC_CS-99734

3. Complete the information required below to prepare a partial balance sheet for 2018 and 2019 showing any items related to the contract. (Do not round intermediate calculations.)

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