262020 10. Anard 2.00 points 20 Long-term contract; revenue recognition upon project completion loss projected on entire Exercise 5 project |LOS-8,5-9) Arrow Construction Company entered into a three-year construction On February 10 costs of $2.170.000 were incurred, with estimated costs of 4170 000 yet to be incurred B.ings of to b e a bridge for a price of 704000 were sent and cash collected was 32,420.000 we were $2.704,000 with remaining costs mased to be $3.855 000. 2019 ings were $2,054.000, and cois a s collected. The project was completed in 2020 for additional costs of $3970 000 were incurred. The company's con December 31. This project does not quality for revenue recognition over time fiscal year-endis Decor 52.645.000 cash was collected. The project was comple Required: ut of revenue and gross profit or loss to be recognized in each of the three years 1. Calculate inerentes for 2018 to record the transactions described credit various accounts for construction costs incurred) Prepare mal entries for 2019 to record the transactions described credit Various accounts for construction costs incurred) adul balance sheet to show the presentation of the project as of December 31, 2018 a partial balance sheet to show the presentation of the project as of December 31.2019 Complete this question by entering your answers in the tabs below Reg 1 Req 2A Req 28 Reg 3A Reg 3B Prepare a partial balance sheet to show the presentation of the project as of December 31, 2019. (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Balance Sheet At December 31, 2019 Current assets: Accounts receivable $ 593,000 Current Rabilities: Billings in excess of costs loss loss $ 1088,000 ( RogA Req30 > References