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On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge fora pric 58,100,000. During 2021, costs of $2,040,000 were incurred with estimated costs of $4,040,000 yet to be incurred Billings 52,548,000 were sent, and cash collected was $2,290,000 In 2022, costs incurred were $2,548,000 with remaining costs estimated to be $3,660,000, 2022 billings were $2,798,000, $2,515,000 cash was collected. The project was completed in 2023 after additional costs of $3,840,000 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 journal entries for 2021 to record the transactions described (credit various accounts for construction costs incu 2b. Prepare foumal entries for 2022 to record the transactions described (credit various accounts for construction costs incu 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. Red 1 Reg 2A Reg 28 Reg Reg 38 Prepare journal entries for 2022 to record the transactions described (credit various accounts for construction costs incurred). (If n 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 Year Credit Debit 2548,000 1 General Journal Construction in progress Various accounts 2022 2.548.000 2 2022 IN 2.798,000 Accounts receivable Billings on construction contract 2.798,000 V 3 2022 2,515 000 Cash Accounts receivable 2.515.000 4 2022 Cost of goods sold