On February 1, 2018, Arr $8,330,000 $2610,000 were sent, and cash collected was $2.360,000. ow Construction Company entered into a three-year construction contract to build a bridge for a price of O. During 2018, costs of $2,110,000 were incurred with estimated costs of $A,110,000 yet to be incurred. Billings of were $2.610,000 with remaining costs estimated to be $3765.000 2019 billings were $2.860,000 and $2585,000 cash was collected. The project was completed in 2020 after additional costs of $3,910,000 were incurred. The company's fiscal year-end is December 31. Arr ow recognizes revenue over time according to percentage of completion. Required: 1. Compute completion method? the amount of revenue and gross profit or loss to be recognized in 2018, 2019, and 2020 using the percentage of 2b. Prepare journal entries for 2019 to record the transactions described (credit 'various accounts for construction costs incurred), 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 Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 28 Req 3A Req 3B Compute the amount of revenue and gross profit or loss to be recognized in 2018, 2019, and 2020 using the percentage of completion method? (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. Round your final answers to the nearest whole dollar.) Prev 40f 4111 Next