In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,00

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In 2021, the Westgate Construction Company entered into acontract to construct a road for Santa Clara County for$10,000,000. The road was completed in 2023. Information related tothe contract is as follows:
Westgate recognizes revenue over time according to percentage ofcompletion.
Required:1. Calculate the amount of revenue and grossprofit (loss) to be recognized in each of the threeyears. (Do not round intermediate calculations. Lossamounts should be indicated with a minus sign.)
2-a. In the journal below, complete thenecessary journal entries for the year 2021 (credit "Variousaccounts" for construction costs incurred).2-b. In the journal below, complete thenecessary journal entries for the year 2022 (credit "Variousaccounts" for construction costs incurred).2-c. In the journal below, complete thenecessary journal entries for the year 2023 (credit "Variousaccounts" for construction costs incurred).3. Complete the information required below toprepare a partial balance sheet for 2021 and 2022 showing any itemsrelated to the contract. (Do not round intermediatecalculations.)
4. Calculate the amount of revenue andgross profit (loss) to be recognized in each of the threeyears assuming the following costs incurred and costs to completeinformation. (Do not round intermediate calculationsand 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 andgross profit (loss) to be recognized in each of the threeyears assuming the following costs incurred and costs to completeinformation. (Do not round intermediate calculationsand 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 andgross profit (loss) to be recognized in each of the threeyears assuming the following costs incurred and costs to completeinformation. (Do not round intermediate calculationsand 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 andgross profit (loss) to be recognized in each of the threeyears assuming the following costs incurred and costs to completeinformation. (Do not round intermediate calculationsand round your final answers to the nearest whole dollar amount.Loss amounts should be indicated with a minus sign.)