3 Exerclse 5-20 Long-term cont entire project [Lo5-8, 5-91 tract revenue recognition upon project completion; loss projected on February 1, 2018. Arrow Construction $8,500.000. During 2018. costs of $2.200.000 were incurred, with estimated costs of $4200.000 yet to be incurred $2.740,000 were sent, and cash collected was $2.450,000 Company entered into a three-year construction contract to build a bridge for a price of In 2019, costs incurred were $2740.000 with remaining costs estimated to be $3.900,000 2019 billings were $2.990,000, and $2.675,000 cash was collected The project was completed in 2020 after additional costs of $4.000,000 were incurred. The company's fiscal year-end is December 31. This project does not qualify for revenue recognition over time. 1. Calculate the amount of revenue and gross profift or loss to be recognized in each of the three years References2a. Prepare journal entries for 2018 to record the transactions described (credit 'various accounts for construction costs incurred) 2b. Prepare journal entries for 2019 to record the transactions 3a. Prepare a partial balance sheet to show the presentation of the project as of December 31. 2018 3b. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2019. s described (credit various accounts for construction costs incurred) Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 28 Req 3A Req 3B Calculate the amount of revenue and gross profit or loss to be recognized in each of the three yeare, oss ameu indicated with a minus sign.) 2018 2019