The following information applies to the questions displayed below.] In 2021, the Westgate Construction Company entered

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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:
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 costs incurred).
2-b. In the journal below, complete the
necessary journal entries for the year 2022 (credit "Various
accounts" for construction costs incurred).
2-c. In the journal below, complete the
necessary journal entries for the year 2023 (credit "Various
accounts" for construction costs incurred).
3. Complete the information required below
to prepare a partial balance sheet for 2021 and 2022 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. (Do not round intermediate calculations
and round your final answers to the nearest whole dollar amount.
Loss amounts should be indicated with a minus sign.)
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. (Do not round intermediate calculations
and round your final answers to the nearest whole dollar amount.
Loss amounts should be indicated with a minus sign.)