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:. 2021 2022 2023 Cost incurred during the year $ 2,490,000 $ 3,984,000 $ 2,008,600 Estimated costs to complete as of year-end 5,810,000 1,826,000 0 Billings during the year 2,030,000 4,444,000 3,526,000 Cash collections during the year 1,815,000 3,900,000 4,285,000 Westgate recognizes revenue over time according to percentage of completion. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.)2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred). 2-b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs incurred). 2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costs incurred).

2021: revenue    3,000,000

         gross profit    510,000

2022: revenue    4,800,000

         gross profit    816,000

2023: revenue    2,200,000

         gross profit    374,000

2022 journal entries:

construction in progress  3,984,000 debit

        various account           3,984,000 credit

--to record cost incurred--

account receivables 4,444,000 debit

     unearned revenue     4,444,000 credit

--to record billed amount

cash   3,900,000 debit

  account receivables 3,900,000 credit

--to record cash collection--

unearned revenue  4,800,000 debit

   construction revenue   4,800,000 credit

---to record earned revenue according to

percentage of completion method---

Explanation:

2021:

incurred 2,490,000

total cost estimated:

2,490,000 + 5,810,000 = 8,300,000

percentage: 2,490,000 / 8,300,000 = 30%

revenue 10,000,000 x 30% = 3,000,000

cost 2,490,000

gross profit 510,000

2022:

incurred 3,984,000

total cost: 2,490,000 + 3,984,000 + 1,826,000 = 8,300,000

percentage: 3,984,000 / 8,300,000 = 48%

revenue  10,000,000 x 48% =  4,800,000

cost          3,984,000

gross profit  816,000

2023:

completed:

remaining revenue: 100% - 48% - 30% = 22%

10,000,000 x 22% = 2,200,000

cost  incurred    1,826,000

gross profit  374,000

a.   is the correct choice.

good luck. : )

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

happy to

pls mark as brainliest