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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: 2019 $2,542,000 3,772,000 $2,074,600 1, 886,000 2,020,000 ,294,000 3,686,000 1,810,000 3, 800,000 4,390,000 2018 2020 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 5,658,000 Westgate recognizes revenue over time according to percentage of completion
3. Complete the information required below to prepare a partial balance sheet for 2018 and contract. (Do not round Intermediate calculations.) 2019 showing any items related to the Balance Sheet (Partial) 2019 Current assets: Current liabilities:
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Solution: 3) Balance sheet (Parial) Current Assets: Accounts Receivable (2020000-1810000) Construction in progress Less: Bill

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