On Feb Arrow Construction Compariyeritered into three year construction contract to build a bridge for a price of 38.475.000 DO 2021 costs of S2 190.000 were incurred with estimated costs of $4190.000 yet to be incurred Billings of $6.728.000 and cash collected was 52.440000 2028 incurred were 52728.000 with remaining costs estimated to be $3,8850002022 bilings were $2.978.000, and $2665.000 cast was collected. The project was completed in 2023 after additional costs of $3.990.000 were incurred. The Conny scalyear end is December 31. This project does not qualfy for revenue recognition over the Required: 1. Caldurate the amount of revenue and gross profiton loss to be recognized in each of the three years 20. Blepare fourrat entries for 202 to record the transactions described credit various accounts for construction costs incurred) 20. Prepare journal entries for 2022 to record the transactions described fcreditlarious accounts for construction costs incurred) 30. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2021 36. 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 Req3 Reg 2 RHG 28 Reg 3A Reg 30 calculate the amount of revenue and gross profit or lous to be recognized in each of the three years toes amounts should be ridicate with a minuga Year Revenu recomio 0 04 8.475,000 58:475 000 2022 2023 Total Gross profitoss) recognized 0 08 OOC Req 2A > On February 1, 2021. Arrow Construction Company entered into a three year construction contract to build a bridge for a price of $8.475,000 During 2021, costs of $2,190,000 were incurred with estimated costs of $4190,000 yet to be incurred Billings of $2.728,000 were sent, and cash collected was $2,440,000 In 2022, costs incurred were $2.728.000 with remaining costs estimated to be $3,885,000, 2022 billings were $2,978,000, and $2665.000 cash was collected. The project was corripleted in 2023 after additional costs of $3.990,000 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. 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 uansactions 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 x Answer is not complete. Complete this question by entering your answers in the tabs below. Regi Req 2A Red 2B Rec SA Reg 3 Calculate the amount of revenue and groed profit or loss to be recognized in each of the three years. oss amounts should be dicated with a minus sign.). 2021 20 2023 Total Revonue Gross profit oss recognizod recognized $ 0$ 0 03 8 A 000 18.178 600 IS Reg 21 ) On February 1 2021. Arrow Construction Company entered into a three year construction contract to build a bridge for a price of $8.475,000. During 2021, costs of $2,190,000 were incurred with estimated costs of $4.190.000 yet to be incurred. Bilings of 52.728.000 were sent, and cash collected was $2.440,000. In 2022, costs incurred were $2,728,000 with remaining costs estimated to be $3,885,000 2022 billings were $2.978.000 and $2.665.000 cash was collected. The project was completed in 2023 after additional costs of $3.990,000 were incurred. The company's fiscal year-endis 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. 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Red Red 2A Reg 20 Red JA Reg 30 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 Revenue Gross profitos) recognized recognized 2021 $ 0$ 0 2022 0 2023 8.475 000 Total S 8475 000 0 Req2A > On February 1, 2021. Arrow Construction Company entered into a three year construction contract to build a bridge for a price of $8.475,000 During 2021, costs of $2.190,000 were incurred with estimated costs of $4,190,000 yet to be incurred Billings of $2.728,000 were sent, and cash collected was $2,440,000. In 2022, costs incurred were $2,728,000 with remaining costs estimated to be $3,885,000 2022 billings were $2,978,000, and $2.665.000 cash was collected. The project was completed in 2023 after additional costs of $3,990,000 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 20 Reg 3A Reg 36 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 Total Revenue Gross profit (los) recognized recognized S OS 0 0 0 8.475 000 $ 8,475 000 0 Re Req2A >