12 2a. I ICPAI JUUTTICI CILICS QUI LULI LUICLUIU LIIC LICHISOLLIVIIS UCSLINCU LICUL Valvus alLOUIILS TUI LUI ISLI ULLIUI LUSS ICunicu). 2b. Prepare journal entries for 2022 to record the transactions described (credit "various accounts for construction costs incurred). 3a. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2021. 3b. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2022. 10 points Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 2B Req 3A Reg 3B eBook Compute the amount of revenue and gross profit or loss to be recognized in 2021, 2022, and 2023 using the percentage of completion method. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. Round your final answers to the nearest whole dollar.) Print % complete to date References 2021 2022 $ $ $ Percentages of completion Choose numerator : Choose denominator Actual costs to date Estimated total costs 2,140,000 - $ 6,280,000 = 4,780,000/= $ 8,590,000 = 8,720,000 $ 8,720,000 2021 To date Recognized in prior years 2,869,233 $ 0 $ 2,140,000 $ $ 729,233 $ 0 $ 34.0764% 55.6461% 100.0000% 2023 Construction revenue Construction expense Gross profit (loss) $ $ $ Recognized in 2021 2,869,233 2,140,000 729,233 To date $ 4,685,402 Construction revenue Construction expense Gross profit (loss) 2022 Recognized in prior years $ 2,869,233 $ $ 2,140,000 $ $ 729,233 $ Recognized in 2022 1,816,169 (2,140,000) (729,233) 2023 Recognized in prior years To date $ 8,420,000 Construction revenue Construction expense $ $ Recognized in 2023 8,420,000 0 Gross profit (loss) $ 0 Homework #6 Saved 12 On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,420,000. During 2021, costs of $2,140,000 were incurred with estimated costs of $4,140,000 yet to be incurred. Billings of $2,640,000 were sent, and cash collected was $2,390,000. 10 points In 2022, costs incurred were $2,640,000 with remaining costs estimated to be $3,810,000. 2022 billings were $2,890,000 and $2,615,000 cash was collected. The project was completed in 2023 after additional costs of $3,940,000 were incurred. The company's fiscal year-end is December 31. Arrow recognizes revenue over time according to percentage of completion. eBook Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021, 2022, and 2023 using the percentage of completion method. 2a. Prepare journal entries for 2021 to record the transactions described (credit "various accounts for construction costs incurred). 2b. Prepare journal entries for 2022 to record the transactions described (credit "various accounts for construction costs incurred). 3a. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2021. 3b. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2022. Print References Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Req 2B Req Req 3B Compute the amount of revenue and gross profit or loss to be recognized in 2021, 2022, and 2023 using the percentage of completion method. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. Round your final answers to the nearest whole dollar.) % complete to date 34.0764% 2021 2022 $ $ $ Percentages of completion Choose numerator : Choose denominator Actual costs to date Estimated total costs 2,140,000 + $ 6,280,000 = 4,780,000 - $ 8,590,000 = 8,720,000 $ 8,720,000 2021 To date Recognized in prior years 2,869,233 $ 0 $ 2,140,000 $ $ 729,233 $ 0 $ 55.6461% 100.0000% 2023 $ Construction revenue Construction expense Gross profit (loss) Recognized in 2021 2,869,233 2.140,000 729,233 $ $ 2022 Recognized in prior years To date Recognized in 2022