On February 1, 2016, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,570,000. During 2016, costs of $2,190,000 were incurred with estimated costs of $4,190,000 yet to be incurred. Billings of $2,690,000 were sent and cash collected was $2,440,000.

In 2017, costs incurred were $2,690,000 with remaining costs estimated to be $3,885,000. 2017 billings were $2,940,000 and $2,665,000 cash was collected. The project was completed in 2018 after additional costs of $3,990,000 were incurred. The companys fiscal year-end is December 31. Arrow recognizes revenue over time according to percentage of completion.

2-b.

Prepare journal entry for 2017 for RECORDING GROSS PROFIT ONLIY to record the transaction Record the gross profit.

3-b.

Prepare a partial balance sheet to show the presentation of the project as of December 31, 2017. (Do not round intermediate calculations. Round your answers to the nearest dollar amount.)

Current Assets
Accounts Receivable	525000
Current Liabilities
Billings in Excess of Costs Less Loss	??????

Just need the ???? part and one journal entry to record gross profit at the end of 2017 for the loss. THANKS!