Required information [The following information applies to the questions displayed below.] In 2021, the Westgate Constru

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Required Information The Following Information Applies To The Questions Displayed Below In 2021 The Westgate Constru 1 (45.97 KiB) Viewed 62 times

Required information [The following information applies to the questions displayed below.] In 2021, 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 2023. Information related to the contract is as follows: 2023 Cost incurred during the year 2021 $2,550,000 2022 $4,250,000 $1,870,000 Estimated costs to complete as of year-end Billings during the year 5,950,000 1,700,000 0 2,050,000 4,750,000 3,200,000 Cash collections during the year 1,825,000 4,100,000 4,075,000 Westgate recognizes revenue over time according to percentage of completion. 2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts for construction c incurred). 2-b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts for construction incurred). 2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction c incurred).