In 2024, 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 2026. Information related to the contract is as follows: Cost incurred during the year 2024 $2,072,000 5,328,000 Estimated costs to complete as of year-end Billings during the year 2,160,000 Cash collections during the year 1,880,000 Westgate recognizes revenue over time according to percentage of completion. Balance Sheet (Partial) Current assets: 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items related to the contract. Note: Do not round intermediate calculations. Current liabilities: 2024 2025 $2,738,000 2,590,000 2,650,000 2,700,000 0 0 2025 2026 $ 2,849,000 0 5,190,000 5,420,000

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Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.