Required information [The following information applies to the questions displayed below.] In 2018, the Westgate Construction Company entered...

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Required information
[The following information applies to the questionsdisplayed below.]

In 2018, the Westgate Construction Company entered into a contractto construct a road for Santa Clara County for $10,000,000. Theroad was completed in 2020. Information related to the contract isas follows:
2018 2019 2020
Cost incurred during the year $ 2,204,000 $ 3,192,000 $ 2,424,400
Estimated costs to complete as of year-end 5,396,000 2,204,000 0
Billings during the year 2,140,000 3,256,000 4,604,000
Cash collections during the year 1,870,000 3,200,000 4,930,000

Westgate recognizes revenue over time according to percentage ofcompletion.

rev: 09_15_2017_QC_CS-99734
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.(Do not round intermediate calculations and round yourfinal answers to the nearest whole dollar amount. Loss amountsshould be indicated with a minus sign.)
2018 2019 2020
Cost incurred during the year $ 2,204,000 $ 3,870,000 $ 4,110,000
Estimated costs to complete as of year-end 5,396,000 4,240,000 0

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Answers All working forms part of the answer Working based on Requirement 5 data Working 2018 2019 2020 A Contract Price 1000000000 1000000000 1000000000 B Cost See Answer

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	2018		2019		2020
Cost incurred during the year	$	2,204,000	$	3,192,000	$	2,424,400
Estimated costs to complete as of year-end		5,396,000		2,204,000		0
Billings during the year		2,140,000		3,256,000		4,604,000
Cash collections during the year		1,870,000		3,200,000		4,930,000