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JUST do the chart in the picture included. PLEASE give the answer in the exact format in the chart. I really don't need intermediate calculations,

JUST do the chart in the picture included. PLEASE give the answer in the exact format in the chart. I really don't need intermediate calculations, just the answers in the blocks that are not completed yet. image text in transcribed
image text in transcribed
On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,030,000. During 2021, costs of $2,010,000 were incurred with estimated costs of $4,010,000 yet to be incurred. Billings of $2,510,000 were sent, and cash collected was $2,260,000. In 2022, costs incurred were $2,510,000 with remaining costs estimated to be $3,615,000. 2022 billings were $2,760,000 and $2,485,000 cash was collected. The project was completed in 2023 after additional costs of $3,810,000 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. Compute the amount of revenue and gross pront or loss to be recognized in 2021, 2022, and 2025 using the percentage or comple method. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. Round your final answers to nearest whole dollar) % complete to date $ 2021 2022 $ $ Percentages of completion Choose numerator Choose denominator Actual costs to date Estimated total costs 2,010,000 - 5 6,020,000 4,520,000 - 5 8,135,000 - 8,330,000 $ 8,330,000 2021 To date Recognized in prior years 2,681,113 $ ol$ 2,009,895 s 0$ 671,217 s 33.3887% 55,5624% 100.0000% 2023 Recognized in 2021 Construction revenue Construction expense Gross profit (loss) $ $ s To date Recognized in Construction revenue Construction expense Gross profit (los) 2022 Recognized in prior years 4,461,650 $ 2,681,112 s $ 2,009,895 $ 671,211 To date 2023 Recognized in prior years 8,030,000 $ 4,461,659 $ Recognized in 2023 Construction revenue Construction expense Gross profit (loss) Muha Drev 6 of R Navt >

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