In: Accounting
In 2021, 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 2023. Information related to the contract is as follows.
2018 | 2019 | 2020 | |||||||
Cost incurred during the year | $ | 2,044,000 | $ | 2,628,000 | $ | 2,890,800 | |||
Estimated costs to complete as of year-end | 5,256,000 | 2,628,000 | 0 | ||||||
Billings during the year | 2,170,000 | 2,502,000 | 5,328,000 | ||||||
Cash collections during the year | 1,885,000 | 2,600,000 | 5,515,000 |
3. Complete the information required below to prepare a partial balance sheet for 2021 and 3022 showing any items related to the contract. ( Do not round intermediate calculation)