5-Homework (Part 2)-NEW Help Save & Exlt Submit On February 1, 2018, Arrow Construction Company entered into a three-year cor n contract to build a bridge for a price of $8,000,000. During 2018, costs of $2,000,000 were incurred with estimated costs of $4,000,000 yet to be incurred Billings of $2,500,000 were sent, and cash collected was $2,250,000 In 2019, costs incurred were $2,500,000 with remaining costs estimated to be $3,600,000. 2019 bilings were $2,750,000, and $2,475,000 cash was collected. The project was completed in 2020 after additional costs of $3,800,000 were incurred. The company's fiscal year-end is December 31. Arrow recognizes revenue over time according to percentage of completion Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2018, 2019, and 2020 using the percentage of compltion method? 2a. 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 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, 2018. 3b. Prepare 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. Req 1 Req 2A Req 28 Req 3A Req 3B Compute the amount of revenue and gross profit or loss to be recognized in 2018, 2019, and 2020 using the percentage of K Prey 2of5 Next>