ALL required please

7 Exercise 6-22 (Algo) Long-term contract, revenue recognition upon project completion; loss projected on entire project [LO6-8, 6-9) 3 points 04 On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,225,000. During 2021, costs of $2,090,000 were incurred, with estimated costs of $4,000,000 yet to be incurred. Bilings of $2,608,000 were sent, and cash collected was $2,340,000 In 2022, costs incurred were $2,608,000 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 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. Preparo 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