In the journal below complete the necessary journal

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(2) In the journal below, complete the necessary journal entries for each of the years (credit various accounts for construction costs incurred). (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) 2011 2012 General Journal Debit Credit Debit Credit To record construction costs. n/r n/r n/r n/r n/r n/r To record progress billings. n/r n/r n/r n/r n/r n/r To record cash collections. n/r n/r n/r n/r n/r n/r To record gross profit. n/r n/r n/r n/r n/r n/r n/r n/r n/r (3) Complete the information required below to prepare a partial balance sheet for 2011 and 2012 showing any items related to the contract. (Leave no cells blank - be certain to enter "0" wherever required. Amounts to be deducted should be indicated with minus sign. Omit the "$" sign in your response.)
(4) Calculate the amount of gross profit to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign. Omit the "$" sign in your response.) 0
2011 2012 2013 Gross profit (loss) $ n/r $ n/r $ n/r (5) Calculate the amount of gross profit to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign. Omit the "$" sign in your response.) 0 n/r Worksheet
In 2011, 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 2013. Information related to the contract is as follows: 2011 2012 2013 Cost incurred during the year $2,400,000 $3,600,000 $2,100,000 Estimated costs to complete as of year-end 5,600,000 2,000,000 Billings during the year 2,000,000 4,000,000 4,000,000 Cash collections during the year 1,800,000 3,600,000 4,600,000 Westgate uses the completed contract method of accounting for long-term construction contracts. Required: (1) Calculate the amount of gross profit to be recognized in each of the three years. (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) 0

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