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The following information applies to the questions displayed below In 2018, 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 2020. Information related to the contract is as follows: 2020 2019 2,542,000 $3,772,000 $2,074,600 1,886,000 2,020,000 4,294,000 3,686,000 1,810,000 3,800,000 4,390,000 2018 Cost incurred during the year Estimated costs to complete as of year-end Billinga during the year Cash collections during the year 5, 658,000 Westgate recognizes revenue over time according to percentage of completion 2-a. In the journal below, complete the necessary journal entries for the year 2018 (credit Various accounts for construction costs incurred). 2-b. In the journal below, complete the necessary journal entries for the year 2019 (credit Various accounts for construction costs incurred) 2-c. In the journal below, complete the necessary journal entries for the year 2020 (credit Various accounts for construction costs incurred).
0 Required information Req 2A Req 2B Req 2C In the journal below, complete the necessary journal entries for the year 2018 (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 fleld.) View transaction list Journal entry worksheet Record construction costs. Note: Enter debits before credits General Journal Debit Credit
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2019 254200037720002074600 254200063140008388600 2018 2020 Calculation of gross profit and revenue: A Cost incurred for the year B Cost incurred till date C Estimated cost to complete D Total cost-B+C E Percentage of completion-B/D 100 F Revenue recognised till date-10m*D 3100000770000010000000 G Revenue recognised in earlier period H Revenue recognised for the period-F-G 310000046000002300000 5658000 1886000 820000082000008388600 77% 31% 100% 31000007700000 | Gross Profit H-A 558000828000 225400

Journal entries :

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