In 2022, costs incurred were $2.650.000 with remaining costs estimated to be $3,825,000.2022 billings were $2,900,000 and $2,625000 cash was collected. The project was completed in 2023 after additional costs of $3,950,000 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. 20. 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). 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 Req 2A Reg 2B Reg 3A 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) complete to date 2021 2022 2023 5 5 5 Percentages of completion Choose numerator Choose denominator Actual costs to date Estimated total costs 2 .150,000 4 ,800,000 9 ,000,000 9,000,000 2021 To date Recognized in prior years 100.0000% Recognized in 2021 Construction revenue Construction expense Gross proft (loss) 2022 Recognized in prior years To date Recognized in 2022 Construction revenue Construction expense | Reg 1 Reg 2A Reg 2B Reg 3A Req 3B Prepare journal entries for 2021 to record the transactions described (credit various accou entry is required for a transaction/event, select No journal entry required in the first acce calculations. Round your answers to the nearest dollar amount.) View transaction list Journal entry worksheet WORK Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Reg 2B Req 3A Req 3B Prepare journal entries for 2022 to record the transactions described (credit "various accounts" fo entry is required for a transaction/event, select "No joumal entry required in the first account fiel calculations. Round your answers to the nearest dollar amount.) View transaction list Journal entry worksheet Record the construction costs. Note: Enter debits before credits. Year General Journal Debit Credit 2022 Record entry Clear entry View general journal completion method. 20. Prepare journal entries for 2021 to record the transactions described (credit Various 2b. Prepare journal entries for 2022 to record the transactions described (credit variou 3a. Prepare a partial balance sheet to show the presentation of the project as of Decem 3b. Prepare a partial balance sheet to show the presentation of the project as of Decem Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 2B Req 3A Reg 3B Prepare a partial balance sheet to show the presentation of the project as of December 31, 2 calculations. Round your answers to the nearest dollar amount.) Balance Sheet (Partial) At December 31, 2022 Current assets Current liabilities Reg 1 Reg 2A Reg 2B Reg 3A Req 3B Prepare journal entries for 2021 to record the transactions described (credit various accou entry is required for a transaction/event, select No journal entry required in the first acce calculations. Round your answers to the nearest dollar amount.) View transaction list Journal entry worksheet WORK Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Reg 2B Req 3A Req 3B Prepare journal entries for 2022 to record the transactions described (credit "various accounts" fo entry is required for a transaction/event, select "No joumal entry required in the first account fiel calculations. Round your answers to the nearest dollar amount.) View transaction list Journal entry worksheet Record the construction costs. Note: Enter debits before credits. Year General Journal Debit Credit 2022 Record entry Clear entry View general journal completion method. 20. Prepare journal entries for 2021 to record the transactions described (credit Various 2b. Prepare journal entries for 2022 to record the transactions described (credit variou 3a. Prepare a partial balance sheet to show the presentation of the project as of Decem 3b. Prepare a partial balance sheet to show the presentation of the project as of Decem Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 2B Req 3A Reg 3B Prepare a partial balance sheet to show the presentation of the project as of December 31, 2 calculations. Round your answers to the nearest dollar amount.) Balance Sheet (Partial) At December 31, 2022 Current assets Current liabilities
