Keep getting an error on Req 1 where it is marked and unsure about Req 3A and Req 3B. Please explain how you get the answers.

7 Exercise 6-21 (Algo) Long-term contract; revenue recognition over time; loss projected on entire project [LO6-9] 1.48 points On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,090,000. During 2021, costs of $2,030,000 were incurred with estimated costs of $4,030,000 yet to be incurred. Billings of $2,530,000 were sent, and cash collected was $2,280,000. eBook In 2022, costs incurred were $2,530,000 with remaining costs estimated to be $3,645,000.2022 billings were $2,780,000 and $2,505,000 cash was collected. The project was completed in 2023 after additional costs of $3,830,000 were incurred. The company's fiscal year-end is December 31. Arrow recognizes revenue over time according to percentage of completion. Print References 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. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3A Req 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.) 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.) Percentages of completion Choose numerator . Choose denominator % complete to date Actual costs to date 2021 S - $ Estimated total costs 6,060,000 = 8,205,000 33.4983% 2022 2,030,000 4,560,000 8,390,000 S $ 55.5759% 100.0000% 2023 S 8,390,000 2021 To date Recognized in prior years Construction revenue S 2,710,012 $ 0S Recognized in 2021 2,710,012 2,030,000 $ Construction expense Gross profit (loss) OOO $ 2,030,000 680,012 OS 0$ S $ 680.012 S Construction revenue Construction expense Gross profit (loss) 2022 To date Recognized in prior years 4,496,090 $ 2,710,012S 4,560,000 $ 2,030,000 $ (63,910) X $ 680,012$ Recognized in 2022 1,786,078 2,530,000 (743,922) S S 2023 To date Recognized in prior years 4,496,090 S S $ Construction revenue Construction expense 8,090,000 8,390,000 Recognized in 2023 3,593,910 8,390,000 (300,000) $ OOO Gross profit (loss) S (300,000) Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3A Req 3B Prepare journal entries for 2021 to record the transactions described (credit "various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest dollar amount.) No Year General Journal Debit Credit 1 2021 2,030,000 Construction in progress Various accounts 2,030,000 2021 2,530,000 N Accounts receivable Billings on construction contract 2,530,000 3 2021 Cash 2,280,000 Accounts receivable 2,280,000 4 2021 Construction in progress Cost of construction Revenue from long-term contracts 680,012 2,030,000 2,710,012 * Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3A Req 3B Prepare journal entries for 2022 to record the transactions described (credit "various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest dollar amount.) No Year General Journal Debit Credit 1 2022 Construction in progress 2,530,000 Various accounts 2,530,000 2 2022 Accounts receivable ol 2,780,000 Billings on construction contract 2,780,000 2022 Cash 2,505,000 Accounts receivable 2,505,000 4 2022 Cost of construction Construction in progress Revenue from long-term contracts 1,786,078 X Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3A Req 3B 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 Current liabilities: Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req Req 3B Prepare a partial balance sheet to show the presentation of the project as of December 31, 2022. (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Balance Sheet (Partial) At December 31, 2022 Current assets: Accounts receivable Current liabilities: Billings in excess of costs less loss