On February 1, 2018, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8.000,000. During 2018, costs of S2,000,000 were incurred with estimated costs of s4.000,000 yet to be incurred. Billings of $2,500,000 were sent, and cash collected was $2.250,000. In 2019, costs incurred were $2,500,000 with remaining costs estimated to be $3,600,000. 2019 billings were s2.750,000, and $2,475,000 cash was collected. The project was completed in 2020 after additional costs of $3,800,000 were incurred. The company's fiscal year-end is December 31. Arrow recognizes revenue over e time: loss$ on te project according to percentage of completion