On February 1, 2016, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,300,000. During 2016, costs of $2,100,000 were incurred with estimated costs of $4,100,000 yet to be incurred. Billings of $2,600,000 were sent and cash collected was $2,350,000. In 2017, costs incurred were $2,600,000 with remaining costs estimated to be $3,750,000. 2017 billings were $2,850,000 and $2,575,000 cash was collected. The project was completed in 2018 after additional costs of $3,900,000 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 2016, 2017, and 2018 using the percentage-of-completion method. (Do not round intermediate calculations.)

	2016	2017	2018
Estimated total gross profit (loss)
Actual total gross profit (loss)

Percentages of completion
	Choose numerator