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 Estimated costs to complete as of year-end Billings during the year 4,306,000 5,000,000 Cash collections during the year 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 2024 (credit "Cash, Materials, etc." for construction costs incurred). Cost incurred during the year Estimated costs to complete as of year-end 2-b. In the journal below, complete the necessary journal entries for the year 2025 (credit "Cash, Materials, etc." for construction costs incurred). Cost incurred during the year Estimated costs to complete as of year-end 2-c. In the journal below, complete the necessary journal entries for the year 2026 (credit "Cash, Materials, etc." for construction costs incurred). 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 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. Req 1 Req 2A Revenue Gross profit (loss) 2024 $ 2,184,000 5,616,000 1,800,000 1,600,000 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. Complete this question by entering your answers in the tabs below. Req 2B 2024 Req 2C 2025 2024 $ 2,520,000 5,720,000 2026 2025 $ 3,510,000 2,106,000 3,894,000 3,400,000 2024 $ 2,520,000 5,720,000 Req 3 2026 $ 2,316,600 2025 2026 $ 3,860,000 $ 3,220,000 3,220,000 2025 $ 3,860,000 4,220,000 Req 4 0 Req 5 0 2026 $ 4,080,000 Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. Note: Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign. 0