6 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021 2022 and 2023 using the percentage of completion method. 2a. Prepare journal entries for 2021 to record the transactions described (credit various accounts for construction costs incurred). 2b. Prepare journal entries for 2022 to record the transactions described (credit "varlous accounts for construction costs incurred). 3a. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2021. 3b. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2022. 2 points 02:30:26 Complete this question by entering your answers in the tabs below. Stipped Reg 1 Reg 2A Reg 28 Rey 3A Reches Book Prepare a partial balance sheet to show the presentation of the project as of December 31, 2022. (Do not round Intermediate calculations. Round your answers to the nearest dollar amount.) Print Balance Sheet (Partia Al December 31, 2022 Current assets Current liabilities 6 Exercise 6-21 (Algo) Long-term contract; revenue recognition over time; loss projected on entire project [LO6-9) 2 points 02:33:53 Spord On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,570,000. During 2021, costs of $2,190,000 were incurred with estimated costs of $4,190,000 yet to be incurred. Bilings of $2,690,000 were sent, and cash collected was $2.440,000. In 2022, costs incurred were $2,690,000 with remaining costs estimated to be $3,885,000. 2022 billings were $2,940,000 and $2665,000 cash was collected. The project was completed in 2023 after additional costs of $3,990,000 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 2021, 2022 and 2023 using the percentage of 2a. Prepare journal entries for 2021 to record the transactions described (credit "various accounts for construction costs incurred). 2b. Prepare journal entries for 2022 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, 2021 3b. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2022. eBook Print 6 Exercise 6-21 (Algo) Long-term contract; revenue recognition over time; loss projected on entire project [LO6-9] 2 points 02271 Sipped On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,570,000 During 2021, costs of $2190,000 were incurred with estimated costs of $4.190,000 yet to be incurred. Billings of $2,690,000 were sent, and cash collected was $2.440,000 In 2022, costs incurred were $2,690,000 with remaining costs estimated to be $3,885,000. 2022 billings were $2,940,000 and $2,665,000 cash was collected. The project was completed in 2023 after additional costs of $3,990,000 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 2021, 2022 and 2023 using the percentage of completion method 2a. Prepare journal entries for 2021 to record the transactions described (credit "various accounts for construction costs incurred). 2b. Prepare journal entries for 2022 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, 2021 3b. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2022 Bock Print REY YAN RY 20 YOM R 50 5 Compute the amount of revenue and gross profit or loss to be recognized in 2021, 2022, and 2023 using the percentage of completion method. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. Round your final answers to the nearest whole dollar.) Percentages of complotion Choose numerator Choose denominator % complete to date 2:21:30 = 0 pped 0 2021 2022 2023 0 2021 Recognized in prior years To date Recognized in 2021 3ook 0 S $ $ Construction revenue Construction expense Gross profit (loss) 0 0 Print 2022 Recognized in prior years tences To date Recognized in 2022 0 S $ $ Construction revenue Construction expense Gross profit (loss) 0 0 2023 Recognized in prior years To date Recognized in 2023 $ 0 construction revenue Construction expense Gross profit (los) S 0 MAL Reg 2A > NOU mnny I 6 RO neu am REJO Prepare Journal entries for 2021 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. Do not round intermediate calculations. Round your answers to the nearest dollar amount.) 2 points View transaction list 02:2106 Skipped Journal entry worksheet 1 2 3 4 Record the construction costs eBook Print Note: Enter debits before credits General Journal Debit Credit Yoar 2021 References Record entry Clear entry View general Journal MO HD 6 Prepare journal entries for 2021 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 held. Do not round intermediate calculations. Round your answers to the nearest dollar amount) 2 points View transaction dat 022057 Journal entry worksheet Swood Record the progress bilings ok stes before General Journal Del Credit Year 2021 ws Record entry Clear entry View general Journal (Reg1 Res 20 ) Check my w NO NOUM NUD 6 Prepare journal entries for 2021 to record the transactions described (credit various accounts for construction costs incurred), (It no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate cakulations. Round your answers to the nearest dollar amount.) 2 View transactionist 02 200 Journal entry worksheet si > 2 4 Record the cash collections wo Now Enter tits e crede General Journal O Credit Heerences 2021 Record entry Clear entry View General Journal Check my ney NH NO ne 6 Prepare journal entries for 2021 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 Feld. Do not round Intermediate calculations. Round your answers to the nearest dollar amount.) 2 ponts View transaction ist 02:20:10 Journal entry worksheet Shipped Record the gross profit or loss. book Note: Enter debit before credits General Journal Debit Credit Year 2021 References Record entry Clear entry View general Journal N. NOY NYI 6 Prepare journal entries for 2022 to record the transactions described (credit various accounts for construction costs incurred) (Urna entry is required for a transaction/event, select "No journal entry required in the first account fald Do not round intermediate calculations. Round your answers to the nearest dollar amount.) 2 points View transaction lit 3220 Journal entry worksheet Record the construction costs anteriore credite Year General Journal 2022 Debi Credit Record entry Clear entry View general Journal (BA Mag Check my RENA 6 Prepare journal entries for 2022 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 recurred in the first account field. Do not round intermediate calculation Round your answers to the nearest dollar amount) 2 View transaction list 30 Shed Journal entry worksheet 1 3 Record the progress billings Menteri beredits General Journal Debit Credit Year 2022 Record entry Clear entry View general journal WCWU . new 6 Prepare journal entries for 2022 to record the transactions described (credit various accounts for construction costs incurred), (if no entry required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate Calculations, Round your answers to the nearest dollar amount 2 polres View transaction et 02:2001 Journal entry worksheet Record the cash collections Net Noter de trots General Journal Debit Credit Year 2022 Rece Record entry Clear entry View general Journal Nee A NBA) Chapter 6 Homework Sad Help Save & Ext Check my 42 6 Prepare journal entries for 2022 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. Do not round Intermediate calculations. Round your answers to the nearest dollar amount.) 2 points View transaction list 21 Journal entry worksheet Sired Record the gross profit or loss. w Pin Enter debts before Year Gooral Journal Debit Credit Berences 2022 Record entry Clear entry View general Journal Res 2A RIA 6 Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A 2 points Reg 2B Reg 3 Reg 38 8 02:1941 Prepare a partial balance sheet to show the presentation of the project as of December 31, 2021. (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Balance sheet (Partial At December 31, 2021 Current assets Shipped och PY Current neces Neu 20 30 > 6 Complete this question by entering your answers in the tabs below. 2 points 8 02:19:39 Reg 1 Reg 2A Reg 28 Req Reg 36 Prepare a partial balance sheet to show the presentation of the project as of December 31, 2022. (Do not round Intermediate calculations. Round your answers to the nearest dollar amount) Balance Sheet (Partial) At December 31, 2022 Current assets Skipped eBook Print Current liabilities: References