On Februany 1, 2018.Arow Construction Company ertered wt r siu7o 000 e tobeinrairedg e Help Sav 8510000 During 2018, costs of $2170000 were incurred red into a three-year construction contract to build a bridge for a price $2.670,000 were sent, and cash collected was $2.420,000. ith estimated costs of $4,170,000 yet to be incurred. Billings of In 2019, costs incurred were $2.670,000 with remaining costs estimated to be $3,855,000.2019 billings were $2,920,000 and $2.645,000 cash was collected. The project was completed in 2020 after additional costs of $3,970,000 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 2018, 2019, and 2020 using the percentage of completion method? 2a. Pre 2b. Prepare journal entries for 2019 3a. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2018 3b. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2019 pare journal entries for 2018 to record the transactions described (credit 'various accounts for construction costs incurred) to record the transactions described (credit "various accounts for construction costs incurred) Complete this question by entering your answers in the tabs below. 2A 28 Reg 3Reg 38 Req 1 Compute the amount of revenue and gross profit or loss to be recognized in 2018, 2019, and completion method? (Do not round your final answers to the nearest whole dollar:) 2020 using the percentage of irtermediate calculations. Loss amounts should be indicated with a minus sign. Round Percentages of completion Choose numerator | + | Choose denominator Actual costs to date 1-1 % complete to date Estimated total costs 2018 2019 2020 100 0000% Recognized in 2018 d in prior years