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Problem $6-10($Static$)$ Long$-$term contract; revenue recognition over time $[$LO$6-8,6-9]$

$[$The following information applies to the questions displayed below.$]$

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:

Westgate recognizes revenue over time according to percentage of completion.

Problem $6-10($Static$)$ Part $3$

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.!

Required information

Problem $6-10($Static$)$ Long$-$term contract; revenue recognition over time $[$LO$6-8,6-9]$

$[$The following information applies to the questions displayed below.$]$

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:

Westgate recognizes revenue over time according to percentage of completion.

Problem $6-10($Static$)$ Part $4$

Calculate the amount of revenue and gross profit $($loss$)$ to be recognized in each of the three years, assuming the following costs

incurred and costs to complete information.

Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts

should be indicated with a minus sign.Required information

Problem $6-10($Static$)$ Long$-$term contract; revenue recognition over time $[$L$06-8,6-9]$

$[$The following information applies to the questions displayed below.$]$

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:

Westgate recognizes revenue over time according to percentage of completion.

Problem $6-10($Static$)$ Part $5$

Calculate the amount of revenue and gross profit $($loss$)$ to be recognized in each of the three years, assuming the following costs

incurred and costs to complete information.

Note: Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts

should be indicated with a minus sign.

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