all journal entries are posted

In 2022, costs incurred were $2728,000 with remaining costs estimated to be $3,885,000.2022 billings were $2.978,000, 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. 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 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 Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Reg 3A Red 3B Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years. (Loss amounts should be indicated with a minus sign. Year Revenue recognized Grass profit loss) recognized 2021 2022 2023 Tota os RoZA Munches for 2021 to Tecord 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) View transaction list Journal entry worksheet Record the construction costs. Note Enter de bucur Yed General Journal Debit Credit 2021 View general journal Record entry Clear entry Adiron hering or answers in the tabs below Rea 1 Reg 2A 28 RA 30 Prepare journal entries for 2022 to cord the transactions described (erede various accounts for construction costa de entry is required for transactiorevent. Select Mo Journal entry the found View transaction ist Journal entry worksheet > 1 Record the construction couts Debat Crest General Journal Yew 2022 Viral Cleary Recorder Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Relea Reg 38 Prepare a partial balance sheet to show the presentation of the project as of December 31, 2021. (Do not round internwediate calculations. Round your answers to the nearest dollar amount.) Balance sheet Al December 31 2021 Current assets Current liabilises Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Req 3A Req 3B 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 Al December 31, 2022 Current assets Current abilities Record the construction costs. Note Enter de bucur Yed General Journal Debit Credit 2021 View general journal Record entry Clear entry Adiron hering or answers in the tabs below Rea 1 Reg 2A 28 RA 30 Prepare journal entries for 2022 to cord the transactions described (erede various accounts for construction costa de entry is required for transactiorevent. Select Mo Journal entry the found View transaction ist Journal entry worksheet > 1 Record the construction couts Debat Crest General Journal Yew 2022 Viral Cleary Recorder Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Relea Reg 38 Prepare a partial balance sheet to show the presentation of the project as of December 31, 2021. (Do not round internwediate calculations. Round your answers to the nearest dollar amount.) Balance sheet Al December 31 2021 Current assets Current liabilises Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Req 3A Req 3B 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 Al December 31, 2022 Current assets Current abilities