Award 2.00 points Exercise 5-19 Long-term 6.19 Long-term contract, revenue recognition over time, loss projected on entire project ILO5-91 do g s of Construction Company entered in On February a threeyear construction contrat a of $2.200.000 were incurred with estimated cost of $4 200.000 yet is bein 2 450 000 0 000 w esent and cash cobacted $2.700 000 with remaining cost estimated to be 53.000.000 2019 In 2018, concurrer a proct was completed in 2020 aterational costs of 14 000 000 w and is December 31. Arrow recognizes revenue over time according to percentage of 120 000 in the company's Required: amount of revenue and gross profit or loss to be recognized in 2018, 2019 and 2020 using the percentage completion method? bunal entries for 2018 to record the transactions described (credit various accounts for construction costs incura P arumal entries for 2019 to record the transactions described (credit various accounts for construction costs incurred P ara partial balance sheet to show the presentation of the project as of December 31, 2018 3h. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2019 Complete this question by entering your answers in the tabs below. Rg 1 Reg 2A Req 28 Reg JA Reg 38 Prepare a partial balance sheet to show the presentation of the project as of December 31, 2019. (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Balance Sheet (Partial) At December 31, 2019 Current assets Accounts receivable Current Bilings in excess of costs less loss s 950.000 & RegJA Req30 > v 03_05_2018_0C_CS-120751.09_27_2018_0C_CS-140749 References Worksheet Difficulty: 2 Medium n.com products Single PrintView single QuestionNo 9.&postSubmission View 13252712403141363601