many of my answers were wrong.

On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8.425,000. During 2021, costs of $2,170,000 were incurred, with estimated costs of $4,170,000 yet to be incurred. Billings of $2,704,000 were sent, and cash collected was $2,420,000. In 2022, costs incurred were $2,704,000 with remaining costs estimated to be $3,855,000.2022 billings were $2,954,000, and $2,645,000 cash was collected. The project was completed in 2023 after additional costs of $3,970,000 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. 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. Reg 1 Reg 2A Req 2B Reg 3A Req 3B Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years. (Loss amounts should be indicated with a minus sign.) Year 2021 2022 2023 Revenue recognized S 2.883.636 4.704,520 8.425.000 $ 16,013,156 Gross profit (loss) recognized $ 713,636 (883,380) (249,256) S (419,000) Total In 2022, costs incurred were $2,704,000 with remaining costs estimated to be $3,855,000.2022 billings were $2,954,000, and $2,645,000 cash was collected. The project was completed in 2023 after additional costs of $3,970,000 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. 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. Reg 1 Reg 2A Req 2B Reg 3A Reg 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.) View transaction list Record the construction costs. Record the progress billings. 3 Record the cash collections. Record the gross profit or loss. B. hlaut In 2022, costs incurred were $2,704,000 with remaining costs estimated to be $3,855,000.2022 billings were $2,954,000, $2,645,000 cash was collected. The project was completed in 2023 after additional costs of $3.970,000 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. 2a. Prepare journal entries for 2021 to record the transactions described (credit "various accounts for construction costs inc 2b. Prepare journal entries for 2022 to record the transactions described (credit "various accounts for construction costs in 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. Reg 1 Reg 2A Reg 2B Req 3A Reg 3B Prepare journal entries for 2022 to record the transactions described (credit "various accounts for construction costs incurred). entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet Debit Credit 2.704,000 2.704,000 Record the construction costs. 2,954,000 Record the progress billings. 2,954,000 Record the cash collections. 2,645,000 2,645,000 Record the gross profit or loss. In 2022, costs incurred were $2,704,000 with remaining costs estimated to be $3,855,000.2022 billings were $2,954,000, and $2,645,000 cash was collected. The project was completed in 2023 after additional costs of $3,970,000 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. 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. Reg 1 Reg 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 calculations. Round your answers to the nearest dollar amount.) intermediate Balance Sheet $ At December 31, 2021 Current assets: Accounts receivable Construction in progress Billings on construction contract Billings in excess of costs less loss Current liabilities: Billings in excess of costs 284,000 2,883,636 2,704,000 179,636 $ 534,000 In 2022, costs incurred were $2,704,000 with remaining costs estimated to be $3,855,000.2022 billings were $2,954,000, and $2,645,000 cash was collected. The project was completed in 2023 after additional costs of $3,970,000 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. 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. Reg 1 Reg 2A Reg 2B Reg 3A Reg 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 At December 31, 2022 Current assets: Accounts receivable Construction in progress Billings on construction contract Deferred revenue 593,000 4,704,256 5,658,000 953,744 Current liabilities: $ 784,000 Billings in excess of costs Mayt