On February 1, 2016, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,360,000. During 2016, costs of $2,120,000 were incurred with estimated costs of $4,120,000 yet to be incurred. Billings of $2,620,000 were sent and cash collected was $2,370,000 In 2017, costs incurred were $2,620,000 with remaining costs estimated to be S3,780,000. 2017 billings were $2,870,000 and $2,595,000 cash was collected. The project was completed in 2018 after additional costs of $3,920,000 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? 2016 2017 2018 Estimated total gross profit (loss) Actual total gross profit (loss) Percentages of completion Choose numerator Choose denominator % complete to date 2016 2017 2018 0 100.0000%