7 3 DO In 2022, costs incurred were $2,608,000 with remaining costs estimated to be $3.735.000 2022 bilings were $2,858,000, and $2,565,000 cash was collected. The project was completed in 2023 after additional costs of $3.890,000 were incurred. The company's fiscal year-end is December 31. This project does not qualify for revenue recognition over time. Required: 1. Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years 2. Prepare Journal entries for 2021 to record the transactions described (credit various accounts for construction costs incurrea) 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 36. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2022. 2012 Complete this question by entering your answers in the tabs below. Reg Res 2A Res 20 Hea Rea Pin Prepare a partial balance sheet to show the presentation of the project as of December 31, 2021. (Do not round intermediate calculation Round your answers to the rest dotar amount) Refrences Balance Sheet A December 31, 2021 Current Current 23 > 7 Exercise 6-22 (Algo) Long-term contract; revenue recognition upon project completion; loss projected on entire project (LO6-8, 6-9) 3 points 2 2014 Stol On February 1, 2021. Arrow Construction Company entered into a three-year construction contract to buld a bridge for a price of $8,225,000. During 2021, costs of $2,090,000 were incurred, with estimated costs of $4,090,000 yet to be incurred. Bilings of $2,608,000 were sent, and cash collected was $2,340,000, In 2022, costs incurred were $2,600,000 with remaining costs estimated to be $3,735,000 2022 billings were $2,858,000, and $2,565.000 cash was collected. The project was completed in 2023 after additional costs of $3,890,000 were incurred. The company's fiscal year-endis December 31. This project does not quality for revenue recognition over time. Required: 1. Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years 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 36. Prepare a partial balance sheet to show the presentation de the project as of December 31, 2022 00h Print 7 3 DO In 2022, costs incurred were $2,608,000 with remaining costs estimated to be $3.735.000 2022 bilings were $2,858,000, and $2,565,000 cash was collected. The project was completed in 2023 after additional costs of $3.890,000 were incurred. The company's fiscal year-end is December 31. This project does not qualify for revenue recognition over time. Required: 1. Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years 2. Prepare Journal entries for 2021 to record the transactions described (credit various accounts for construction costs incurrea) 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 36. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2022. 2012 Complete this question by entering your answers in the tabs below. Reg Res 2A Res 20 Hea Rea Pin Prepare a partial balance sheet to show the presentation of the project as of December 31, 2021. (Do not round intermediate calculation Round your answers to the rest dotar amount) Refrences Balance Sheet A December 31, 2021 Current Current 23 > 7 Exercise 6-22 (Algo) Long-term contract; revenue recognition upon project completion; loss projected on entire project (LO6-8, 6-9) 3 points 2 2014 Stol On February 1, 2021. Arrow Construction Company entered into a three-year construction contract to buld a bridge for a price of $8,225,000. During 2021, costs of $2,090,000 were incurred, with estimated costs of $4,090,000 yet to be incurred. Bilings of $2,608,000 were sent, and cash collected was $2,340,000, In 2022, costs incurred were $2,600,000 with remaining costs estimated to be $3,735,000 2022 billings were $2,858,000, and $2,565.000 cash was collected. The project was completed in 2023 after additional costs of $3,890,000 were incurred. The company's fiscal year-endis December 31. This project does not quality for revenue recognition over time. Required: 1. Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years 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 36. Prepare a partial balance sheet to show the presentation de the project as of December 31, 2022 00h Print