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On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,030,000. During 2021, costs of $2,010,000 were incurred with estimated costs of $4,010,000 yet to be incurred. Bilings of $2.510.000 were sent, and cash collected was $2,260,000 In 2022. costs incurred were $2.510,000 with remaining costs estimated to be $3,615,000 2022 billings were $2.760,000 and $2,485,000 cash was collected. The project was completed in 2023 after additional costs of $3,810,000 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 2021 2022 and 2023 using the percentage of completion method. 2a. Prepare journal entries for 2021 to record the transactions described (credit various accounts for construction costs incurred). 2b. Prepare journal entries for 2022 to record the transactions described credit various accounts for construction costs incurred). 3o. 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. Reg 1 Red 2A Req 2B Req3A Reg 38 Req 1 | Reg 2A Req 28 Req3A Reg 3B Compute the amount of revenue and gross profit or loss to be recognized in 2021, 2022, and 2023 using the percentage of completion method. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. Round your final answers to the nearest whole dollar.) Percentages of completion Choose numerator + Choose denominator Actual costs to date Estimated - % complete to date 8 81 91 1 2021 / 2022 2023 - OOO 2021 To date Construction revenue Construction expense 2,681.217 2,010,000 671,217 Recognized in 2021 2,681,214 2,010,000 671,217 Gross proft (loss) $ ST 2022 R TE To date ecognized in pr Construction revenue Construction expense Gross profit (loss) $ $ 609,477 19,050,000 Recognized in 2022 $ 609,477 SON 19,050,000 To date Recognized in 2023 2023 Recognized in prior years s s Construction revenue Construction expense Gross profit (los) $ Reg 1 Req 2A > Reg 1 Req 2A Req 28 Req 3A Req 3B Prepare journal entries for 2022 to record the transactions described (credit "various accounts for construction costs incurred). I entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations. Round your answers to the nearest dollar amount.) View transaction list View journal entry worksheet Debil Credit No 1 Year 2022 General Journal Construction in progress Various accounts 2,510,000 2,510,000 2022 2,760,000 Accounts receivable Billings on construction contr 2,760,000 SN WN 2022 Cash Accounts receivable 2,485,000 2,485,000 1 2022 Cost of construction Revenue from long-term contracts Construction in progress Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Reg 3A Req 3B 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.) answers show h e ne presentar Salanc Balance Sheet (Partial) At December 31, 2021 Current assets: Accounts receivable $ 2,510,000 Current liabilities: IIIII III Complete lis quuSLIUM Uy Lurly yuui alusweis Hue Laus Deuw. Req 1 Req 2A Req 2B Req 3A Req 3B Prepare a partial balance sheet to show the presentation of the project as of December 31, 2022. (Do not round inter calculations. Round your answers to the nearest dollar amount.) Balance Sheet (Partial) At December 31, 2022 Current assets: Current liabilities:
