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onstruction Problem (i) In 2024, the Westgate Construction Company entered into a contract to construct...

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Accounting

onstruction Problem (i) 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: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year [ ] Westgate recognizes revenue over time according to percentage of completion. 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. Balance Sheet (Partial) 2025 Current assets: Current liabilities: Cash of 3 # Next

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