just balance sheet for dec 31,2021

Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate co Exercise 6-21 (Static) Long-term contract; revenue recognition over time; loss projected on entire projec [L06-9) On February 1, 2021. Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,000,000. During 2021, costs of $2,000,000 were incurred with estimated costs of $4,000,000 yet to be incurred. Billings of $2,500,000 were sent, and cash collected was $2,250,000. In 2022, costs incurred were $2,500,000 with remaining costs estimated to be $3,600,000, 2022 bilings were $2,750,000, and $2,475,000 cash was collected. The project was completed in 2023 ofter additional costs of $3,800,000 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 foumal 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 os of December 31, 2021 3b. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2022. Answer is not complete Complete this question by entering your answers in the tabs below, Reg 1 Reg 2A Reg 28 Roq 3A Reg 35 Prepare a partial balance sheet to show the presentation of the project as of December 31, 2021. (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Balance Sheet (Partial Req 1 Reg 2A Reg 28 Req 3A Reg 38 Prepare a partial balance sheet to show the presentation of the project as of December 31, 2021. (Do not round Intermediate calculations. Round your answers to the nearest dollar amount.) Balance Sheet (Partial) At December 31, 2021 Current assets Accounts receivable $ 250,000 Current liabilities: Costs and profit in excess of billings 166,667