having trouble with question 1 2 b. and 3b

On February 1 2018. Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,000,000. During 2018, costs of $2,000,000 were incurred with estimated costs of $4,000,000 yet to be incurred Hillings of $2,500,000 were sent, and cash collected was $2,250,000 In 2019, costs incurred were $2.500.000 with remaining costs estimated to be $3,600,000. 2019 blings were $2,750,000, and $2475,000 cash was collected the project was completed in 2020 after additional costs of $300,000 were incurred the company's fiscal year-endis 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 2018, 2019 and 2020 using the percentage of completion method 2. Prepare journal entries for 2018 to record the transactions described (credit various accounts for construction costs incurred 2b. Prepare journal entries for 2019 to record the transactions desenbed credit various accounts for construction costs incurred 3a. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2018 3b. Prepare a partial balance sheet to show the presentation of the progect as of December 31, 2013 Answer is not complete. Complete this question by entering your answers in the talis below. Reg 1 3B Reg 2 R2B Reg JAR Compute the amount of revenue and gross profit or loss to be recognized in 2018, 2019, and 2020 using the percentage of completion methodz (Do not round Intermediate caculations Lass amounts should be indicated with a minus sign. Round your final answers to the nearest whole della - Percentages of completion Choose numerator + Choose denominator Estimated costs 2.000.000 4 500 000 $ 8.100.000 costs 33 305 - CASO Ach costs to X mind total costs .000.000 0.100 2.000.000 4.500,000 $ - Recognized in prior years Recognize To date 2.666.664 2.000.000 666 664 ense Gross profit (08) 2015 To date Recognized 4 444 445 prior years (665664 Recognized in 2015 5 ,111,112 Construction $ 2,000,000 $ Construction expense Gross prod loss) 4,544.440 (100,000 2,544,448 (100 000) $ 2020 To date 8000,000 Recognized in prior years 4444440 Recognized in 2020 $ 3,586,652 Construction $ Construction expertise Gross proft loss) 15.900.000 (300.000) 15,900,000 300.000 $ Red A 3. Prepare a part one sheet in show the presentation of the project as of December 3. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2019 Answer is pole Compte question by enterin your answers in the tabs Reg2 of Dec 31, 2017 DOO Para tabl e t to the presentation of the project con. Rund your awy to the next dalam Balance Partial A December 31, 2015 Accounts recente Mw a nohe peas of the 31, 2018 ab. Prepare a partial balance sheet to show the presentation of the project as of December 11, 2019 Answer is complete Complete eton by entering your answers in the las below. el fuq 24 Req2 RA gan Prepare journal entries for 2019 to record the transactions described creat Wrious .unts for constant incurred in entry is required for a transaction Select Mo Journ e uer the account found intermediate calculations und your answers to the hea d lar Amount) on Ne a rdit Year 2019 General Journal Construction in progress Vanous accounts Drit 2.500.000 2.500.000 2.750.000 Accounts receivable Bongson To Conto 2,750,000 2.475.000 Accounts receivable 2.470,000 Revenue from long-term contracts Construction in progress Cast of construction 2019 No Transaction Recorded FAYE