The Leto Construction Company began work on a $12.000 contract on 1/1/20. Planned completion was in 2022. The Percentage-of Completion method is used Given the following December 31 2021 $4.200 6,300 6,100 6,000 2022 $11,600 Costs incured to de Estinated costs to complete ing to date Collections to date $2,500 7,600 4,000 3,800 12,000 11,900 The 12/31/21 balance of Construction in Progress is

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:    2021   2022   2023 Cost incurred during the year $ 3,344,000     $ 3,960,000     $ 1,645,600   Estimated costs to complete as of year-end   5,456,000       1,496,000       0   Billings during the year   2,800,000       4,504,000       2,696,000   Cash collections during the year   2,600,000       4,400,000       3,000,000      Assume that Westgate Construction’s contract with Santa Clara County does not qualify for revenue recognition over time.Required:1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years.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…

6) 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:    2021 2022 2023 Cost incurred during the year $ 2,100,000   $ 2,450,000   $ 2,695,000   Estimated costs to complete as of year-end   4,900,000     2,450,000     0   Billings during the year   2,200,000     2,350,000     5,450,000   Cash collections during the year   1,900,000     2,300,000     5,800,000      Westgate recognizes revenue over time according to percentage of completion.     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.)    2021 2022 2023 Costs incurred…

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:    2021 2022 2023 Cost incurred during the year $ 2,100,000   $ 2,450,000   $ 2,695,000   Estimated costs to complete as of year-end   4,900,000     2,450,000     0   Billings during the year   2,200,000     2,350,000     5,450,000   Cash collections during the year   1,900,000     2,300,000     5,800,000      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 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…