Exam #$2$ Redo Problems

On February $1,2018,$ Arrow Construction Company entered into a three$-$year construction contract to build a bridge for a price of $$8,360,000.$ During $2018,$ costs of $$2,120,000$ were incurred with estimated costs of $$4,120,000$ yet to be incurred. Billings of $$2,620,000$ were sent, and cash collected was $$2,370,000.$

In $2019,$ costs incurred were $$2,620,000$ with remaining costs estimated to be $$3,780,000\mathrm{.}2019$ billings were $$2,870,000$ and $$2,595,000$ cash was collected. The project was completed in $2020$ after additional costs of $$3,920,000$ were incurred. The company's fiscal year$-$end is December $31.$ Arrow recognizes revenue over time according to percentage of completion.

Required:

Prepare journal entries to recognize revenue for $2018,2019$ and $2020.|$