On February 1, 2016, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,030,000. During 2016, costs of $2,010,000 were incurred with estimated costs of $4,010,000 yet to be incurred. Billings of $2,510,000 were sent and cash collected was $2,260,000.

In 2017, costs incurred were $2,510,000 with remaining costs estimated to be $3,615,000. 2017 billings were $2,760,000 and $2,485,000 cash was collected. The project was completed in 2018 after additional costs of $3,810,000 were incurred. The companys fiscal year-end is December 31. Arrow recognizes revenue over time according to percentage of completion.

Compute the amount of revenue and gross profit or loss to be recognized in 2016, 2017, and 2018 using the percentage-of-completion method?

Please show the calculations because this is where I am having trouble.

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? 2016 2017 2018 $ 2,010,000 $(105,000) Estimated total gross profit (loss) Actual total gross profit (loss) $ (300,000) Percentages of completion Choose numerator Choose denominator = % complete to date Actual costs to date Esti imated total costs 2016 $ 2017 $ 2018 2,010,000 $ 6,020,000 = 8,135,000 33.3887% 55.5624% 100.0000% 4,520,000 $