Reference no: EM131286888
In 2016, 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 2018. Information related to the contract is as follows:
2016 2017 2018
Cost incurred during the year $ 2,044,000 $ 2,628,000 $ 2,890,800
Estimated costs to complete as of year-end 5,256,000 2,628,000 0
Billings during the year 2,170,000 2,502,000 5,328,000
Cash collections during the year 1,885,000 2,600,000 5,515,000
Westgate recognizes revenue over time according to percentage of completion.
Required: 1. Calculate the amount of revenue and gross profit to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) Calculate the amount of revenue and gross profit to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.)
2-a. In the journal below, complete the necessary journal entries for the year 2016 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2-b. In the journal below, complete the necessary journal entries for the year 2017 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first
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