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(Solved): [The following information applies to the questions displayed below.] In 2024, the Westgate Constru ...




[The following information applies to the questions displayed below.]
In 2024, the Westgate Construction Company entered into
[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 Clåra 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. 3. Complete the information required below to prepare a partial balance sheet for 2024 and 2025 showing any items rela contract. Note: Do not round intermediate calculations.


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2024 2025 2026 Revenue $2,800,000 $4,200,000 $3,000,000 Gross Profit (loss) $700,000 $1,050,000 $525,000 Working Note: % of Completion Actual Costs to
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