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6 On February 1 , 2 0 2 4 , Arrow Construction Company entered into a three - year construction contract to build a bridge
On February Arrow Construction Company entered into a threeyear construction contract to build a bridge for a price of $ During costs of $
were incurred with estimated costs of $ yet to be incurred. Billings of $ were sent, and cash collected was $ In costs incurred were
$ with remaining costs estimated to be $ billings were $ and $ cash was collected
additional costs of $ were incurred. The company's fiscal yearend is December Arrow recognizes revenue over time according to percentage of completion.
a Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years
problem solved, but how did they get $ for
Please provide your calculation
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