Homework 30 Saved Help Save & Exit Submit Check my work On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,100,000. During 2021, costs of $2,040,000 were incurred, with estimated costs of $4,040,000 yet to be incurred. Billings of $2,548,000 were sent, and cash collected was $2,290,000. points In 2022, costs incurred were $2,548,000 with remaining costs estimated to be $3,660,000. 2022 billings were $2,798,000, and $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. eBook Print Required: 1. Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years. 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. References Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req Req 3B Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years. (Loss amounts should t indicated with a minus sign.) Year Revenue recognized Gross profit (loss) recognized 2021 2022 2023 Total $ 0 $ 0 Req 1 Req 2A Req 2B Req Req 3B Prepare journal entries for 2021 to record the transactions described (credit "various accounts" for construction costs incurre entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req Req 3B Prepare journal entries for 2021 to record the transactions described (credit "various accounts for construction costs incurre entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Req 1 Req 2A Req 2B Req Req 3B Prepare journal entries for 2021 to record the transactions described (credit "various accounts" for construction costs incurre entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet
