Exercise 5-19 Long-term contract, revenue recognition over time; loss projected on entire project [LO5-9] On February 1, 2016, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,270,000. During 2016, costs of $2,090,000 were incurred with estimated costs of $4,090,000 yet to be incumed. Billings of $2,590,000 were sent and cash collected was $2,340,000. In 2017, costs incurred were $2,590,000 with remaining costs estimated to be $3,735,000. 2017 billings were $2,840,000 and $2,565,000 cash was collected. The project was completed in 2018 after additional costs of $3,890,000 were incurred. The company's fiscal year-end is December 31. Arrow recognizes revenue over time according to percentage of completion. Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2016, 2017, and 2018 using the percentage-of-completion method? 2016 2017 2018 Estimated total gross profit (loss) Actual total gross profit (loss) Percentages of completion complete to date Choose numerator Choose denominator 2016 2017 2018 100.0000%