Couldn't find some numbers and dont known if I'm missing anything on the balance sheets
Exercise 6-22 (Algo) Long-term contract, revenue recognition upon project completion; loss projected on entire project (L06-8, 6-9) On February 1 2021. Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,275,000 During 2021, costs of $2.710,000 were incurred with estimated costs of $4,110,000 yet to be incurred Billings of $2.632,000 were sent and cash collected was $2,360,000 In 2022. costs incurred were $2,632,000 with remaining costs estimated to be $3,765,000. 2022 billings were $2,882,000, and $2,585,000 cash was collected. The project was completed in 2023 after additional costs of $3,910,000 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. 20. Prepare joumal entries for 2021 to record the transactions described (credit various accounts for construction costs incurred). 25. Prepare journal entries for 2022 to record the transactions described (credit various accounts" for construction costs incurred) 30. 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. Rea 1 Reg 2A Reg 28 Reg 3A Reg 38 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.) Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Reg 3A Reg 38 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.) Revenue Gross profit (loss) Year recognized recognized 2021 $ 0 2022 0 2023 8 275 000 Total $ 8.275.000 5 0 $ Reg 2 > Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Req 3A Reg 38 Prepare journal entries for 2021 to record 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 View journal entry worksheet No Credit Yeau 2021 General Journal Construction in progress Various accounts Debit 2.110,000 1 2,110,000 2 2021 2,632,000 Accounts receivable Billings on construction contract 2.632,000 3 2021 2,360,000 Cash Accounts receivable 2,360,000 4 2021 No journal entry required Complete this question by entering your answers in the tabs below. Req 1 Reg 2A Reg 25 Reg 3A Reg 38 Prepare journal entries for 2022 to record 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 View journal entry worksheet No Credit Year 2022 General Journal Construction in progress Various accounts Debit 2,632.000 1 2,632,000 N 2022 2.882 000 Accounts receivable Bullings on construction contract 2,882,000 3 2022 2,585,000 Cash Accounts receivable 2,585.000 4 2022 Loss on long-term contract Construction in progress Complete this question by entering your answers in the tabs below. Reg 1 Req ZA Reg 2B Reg Reg 38 Prepare a partial balance sheet to show the presentation of the project as of December 31, 2021. (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Balance Sheet At December 31, 2021 Current assets Accounts receivable 272.000 Current liabilities Bilings in excess of costs 522,000 Complete this question by entering your answers in the tabs below. Req1 Req 2A Reg 28 Req 3A Reg 38 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 At December 31, 2022 Current assets Accounts receivable $ 569,000 Current liabilities Billings in excess of costs less loss
