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Required information    In 2018, the Westgate Construction Company entered into a contract to construct a...

Required information
  
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:

2018 2019 2020
Cost incurred during the year $ 2,156,000 $ 3,388,000 $ 2,371,600
Estimated costs to complete as of year-end 5,544,000 2,156,000 0
Billings during the year 2,130,000 3,414,000 4,456,000
Cash collections during the year 1,865,000 3,300,000 4,835,000


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 2019 showing any items related to the contract. (Do not round intermediate calculations.)

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