Required information [The following information applies to the questions displayed below] 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: 2024 $2,550,000 5,950,000 2,050,000 1,825,000 2025 $4,250,000 Cost incurred during the year Estimated costs to complete as of year-en Billings during the year Cash collections during the year Westgate recognizes revenue over time according to percentage of completion 1,700,000 4,750,000 4,100,000 2026 $ 1,870,000 0 3,200,000 4,075,000 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.

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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.