2.00 points On February 1, 2016, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,275,000. During 2016, costs of $2,110,000 were incurred, with estimated costs of $4,110,000 yet to be incurred Billings of $2,632,000 were sent and cash collected was $2,360,000 In 2017, costs incurred were $2,632,000 with remaining costs estimated to be $3,765,000. 2017 billings were $2,882,000, and $2,585,000 cash was collected. The projedt was completed in 2018 after additional costs of $3,910,000 were incurred. The company's fiscal year-end is December 31 This project does not qualify for revenue recognition over time Required 1. Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years Year 2016 2017 2018 Total Prepare journal entries for 2016 to record the transactions described (credit "various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal E1. Record the construction costs 2. Record the progress illings 3. Record the cash collections. 4. Record the expected Recon