In 2018, the Westgate Construction Company entered into acontract to construct a road for Santa Clara County for$10,000,000. The road was completed in 2020. Information related tothe contract is as follows: 2018 2019 2020 Cost incurred during theyear $ 2,044,000 $ 2,628,000 $ 2,890,800 Estimated costs tocomplete as of year-end 5,256,000 2,628,000 0 Billings during theyear 2,170,000 2,502,000 5,328,000 Cash collections during the year1,885,000 2,600,000 5,515,000 Westgate recognizes revenue over timeaccording to percentage of completion. Required:
