Bowen Bridge Company constructs bridges for the State of Kentucky. During 2018, Bowen started work on three bridges. The cost of materials and labor for each bridge follows: Special Orders Bridge 305 Bridge 306 Bridge 307 Materials Labor $351,600 373,700 919,600 $405,700 361,100 799,100 The predetermined overhead rate is $1.10 per direct labor dollar. Actual overhead costs were $2,173,400. Bridge 306 was completed for a contract price of $1,458,400 and was turned over to the state. Construction on Bridge 305 was also completed but the state had not yet finished its inspection process. General selling and administrative expenses amounted to $210,300. Over- or underapplied overhead is closed directly to the Cost of Goods Sold account. The company recognizes revenue when it turns over a completed bridge to a customer Required a. Determine the cost of construction for Bridge 305, Bridge 306 and Bridge 307. b. Prepare an income statement and the asset section of the balance sheet Complete this question by entering your answers in the tabs below. Required B1 Required B2 Required A Required B1 Required B2 Required A Determine the cost of construction for Bridge 305, Bridge 306 and Bridge 307. Materials Labor Overhead Total Bridge 305 Bridge 306 Bridge 307 Total Required A Required B1 Required B2 Required A Required B1 Prepare an income statement. BOWEN BRIDGE COMPANY Income Statement For the Period 2018 Required B2 Required A Required B1 Required A Required B2 Prepare a asset section of the balance sheet BOWEN BRIDGE COMPANY Balance Sheet Asset Section Required B1 Required B2