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I did all the process in an excel sheet, but answers keep coming up wrong. The only correct one I got was gross profit recog.

I did all the process in an excel sheet, but answers keep coming up wrong. The only correct one I got was gross profit recog. for 2018. Any help is appreciated.

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On February 1, 2016, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,275,000. During 2016, costs of $2,110,000 were incurred, with estimated costs of $4,110,000 yet to be incurred. Billings of $2,632,000 were sent and cash collected was $2,360,000 In 2017, costs incurred were $2,632,000 with remaining costs estimated to be $3,765,000. 2017 billings were $2,882,000, and $2,585,000 cash was collected. The project was completed in 2018 after additional costs of $3.910,000 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. Revenue ross profit (loss Year recognized recognized 2016 2017 2018 (145,000) S 0 Total (145,000)

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