HELP PLEASE. I cant figure out whag the construstion expense to date for 2022 and construction expense rrcognizrd in prior years for 2023. Also I need help on the journal entry to record the gross profit or loss

On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8.510,000. During 2021, costs of $2,170,000 were incurred with estimated costs of $4,170,000 yet to be incurred. Billings of $2,670,000 were sent, and cash collected was $2,420,000, In 2022, costs incurred were $2,670,000 with remaining costs estimated to be $3,855,000. 2022 billings were $2,920,000 and $2,645,000 cash was collected. The project was completed in 2023 after additional costs of $3,970,000 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). 3a. 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. View transaction list Journal entry worksheet Record the gross profit or loss. Note: Enter debits before credits. Debit Credit Year 2022 General Journal Cost of construction Construction in progress Revenue from long-term contracts L 2.170,000 845,707 1,824,293 Record entry Clear entry View general Journal + % complete to date 2021 2022 $ $ $ Percentages of completion Choose numerator Choose denominator Actual costs to date Estimated total costs 2,170,000 $ 6,340,000 = 4.840,000 - $ 8,695.000 = 8,810,000 $ 8,810,000 2021 To date Recognized in prior years 2.912,729 $ 0 $ (2,170,000) $ ols 742,7295 0 $ 34 2271% 55.6642% 100.0000% 2023 Construction revenue Construction expense Gross profit (loss) s $ $ Recognized in 2021 2.912.729 (2,170,000) 742,729 To date $ Construction revenue Construction expense Gross profit (los) 2022 Recognized in prior years 4,737,021 s 2,912,720 $ $ (2.170.000) s (102.979) s (742,729) 5 Recognized in 2022 1.824,292 2,170,000 639.750 Construction revenue Construction expense Gross profit (loss) $ $ 2023 To date Recognized in prior years 8,510,000 $ 4.737.021 $ (8.810,000) $ $ Recognized in 2023 3,772,979 (8.810.000) 0 Rec Req 2A >