On February 1, 2018, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,330,000. During 2018, costs of $2,110,000 were incurred with estimated costs of $4,110,000 yet to be incurred. Billings of $2,610,000 were sent, and cash collected was $2,360,000. In 2019, costs incurred were $2,610,000 with remaining costs estimated to be $3,765,000. 2019 billings were $2,860,000 and $2,585,000 cash was collected. The project was completed in 2020 after additional costs of $3,910,000 were incurred. The companys fiscal year-end is December 31. Arrow recognizes revenue over time according to percentage of completion.

Hello. I got most of it done. I just need help finishing 3B Billings in excess of cost less loss. Thank you!

On February 1, 2018, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8.330,000. During 2018, costs of $2,110,000 were incurred with estimated costs of $4,110,000 yet to be incurred. Billings of $2,610,000 were sent, and cash collected was $2,360,000. In 2019, costs incurred were $2,610,000 with remaining costs estimated to be $3,765,000. 2019 billings were $2,860,000 and $2,585,000 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. 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 2018, 2019, and 2020 using the percentage of completion method? 2a. Prepare journal entries for 2018 to record the transactions described (credit "various accounts for construction costs incurred). 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. Reg 1 Reg 2A Req 2B Req 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.) % complete to date Percentages of completion Choose numerator + Choose denominator Actual costs to Estimated total date costs 2,110,000 $ 6,220,000 4,720,000 = $ 8,485,000 = 2018 2019 2020 33.9228% 55.6276% 100.0000% Recognized in 2018 Construction revenue Construction expense Gross profit (loss) $ $ $ To date 2,825,772 2,110,000 715,772 2018 Recognized in prior years $ $ $ 0 0 $ $ 2,825,772 2,110,000 715,772 Recognized in 2019 Construction revenue Construction expense Gross profit (loss) 1,808,005 To date 4,633,777 4,788,777 (155,000) 2019 Recognized in prior Rec years $ 2,825,772 $ 2,110,000 $ 715,772 $ $ $ 2,678,777 (870,772) $ Reg 1 Reg 2A Reg 2B Req Reg 3B Prepare journal entries for 2018 to record the transactions described (credit "various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest dollar amount.) No General Journal Credit Year 2018 Debit 2,110,000 Construction in progress Various accounts 2,110,000 2018 2,610,000 Accounts receivable Billings on construction contract 2,610,000 3 2018 2,360,000 Cash Accounts receivable 2,360,000 2018 Construction in progress Cost of construction Revenue from long-term contracts 715,772 2,110,000 2,825,772 2018 No journal entry required Reg 1 Reg 2A Req 2B Req Req 3B Prepare journal entries for 2019 to record the transactions described (credit "various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Credit No 1 Year 2019 General Journal Construction in progress Various accounts Debit 2,610,000 2,610,000 2019 2,860,000 Accounts receivable Billings on construction contract 2,860,000 2019 2,585,000 Cash Accounts receivable 2,585,000 2019 No journal entry required 2019 2,678,777 Cost of construction Construction in progress Revenue from long-term contracts 870,772 1,808,005 Reg 1 Req 2A Reg 2B Reg 3A Reg 3B Prepare a partial balance sheet to show the presentation of the project as of December 31, 2018. (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Balance Sheet (Partial) At December 31, 2018 Current assets: Costs and profit in excess of billings Accounts receivable $ 215,772 250,000 Current liabilities: Req 1 Req 2A Req 2B Req Req 3B Prepare a partial balance sheet to show the presentation of the project as of December 31, 2019. (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Balance Sheet (Partial) At December 31, 2019 Current assets: Accounts receivable $ 525,000 Current liabilities: Billings in excess of costs less loss On February 1, 2018, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8.330,000. During 2018, costs of $2,110,000 were incurred with estimated costs of $4,110,000 yet to be incurred. Billings of $2,610,000 were sent, and cash collected was $2,360,000. In 2019, costs incurred were $2,610,000 with remaining costs estimated to be $3,765,000. 2019 billings were $2,860,000 and $2,585,000 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. 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 2018, 2019, and 2020 using the percentage of completion method? 2a. Prepare journal entries for 2018 to record the transactions described (credit "various accounts for construction costs incurred). 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. Reg 1 Reg 2A Req 2B Req 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.) % complete to date Percentages of completion Choose numerator + Choose denominator Actual costs to Estimated total date costs 2,110,000 $ 6,220,000 4,720,000 = $ 8,485,000 = 2018 2019 2020 33.9228% 55.6276% 100.0000% Recognized in 2018 Construction revenue Construction expense Gross profit (loss) $ $ $ To date 2,825,772 2,110,000 715,772 2018 Recognized in prior years $ $ $ 0 0 $ $ 2,825,772 2,110,000 715,772 Recognized in 2019 Construction revenue Construction expense Gross profit (loss) 1,808,005 To date 4,633,777 4,788,777 (155,000) 2019 Recognized in prior Rec years $ 2,825,772 $ 2,110,000 $ 715,772 $ $ $ 2,678,777 (870,772) $ Reg 1 Reg 2A Reg 2B Req Reg 3B Prepare journal entries for 2018 to record the transactions described (credit "various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest dollar amount.) No General Journal Credit Year 2018 Debit 2,110,000 Construction in progress Various accounts 2,110,000 2018 2,610,000 Accounts receivable Billings on construction contract 2,610,000 3 2018 2,360,000 Cash Accounts receivable 2,360,000 2018 Construction in progress Cost of construction Revenue from long-term contracts 715,772 2,110,000 2,825,772 2018 No journal entry required Reg 1 Reg 2A Req 2B Req Req 3B Prepare journal entries for 2019 to record the transactions described (credit "various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Credit No 1 Year 2019 General Journal Construction in progress Various accounts Debit 2,610,000 2,610,000 2019 2,860,000 Accounts receivable Billings on construction contract 2,860,000 2019 2,585,000 Cash Accounts receivable 2,585,000 2019 No journal entry required 2019 2,678,777 Cost of construction Construction in progress Revenue from long-term contracts 870,772 1,808,005 Reg 1 Req 2A Reg 2B Reg 3A Reg 3B Prepare a partial balance sheet to show the presentation of the project as of December 31, 2018. (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Balance Sheet (Partial) At December 31, 2018 Current assets: Costs and profit in excess of billings Accounts receivable $ 215,772 250,000 Current liabilities: Req 1 Req 2A Req 2B Req Req 3B Prepare a partial balance sheet to show the presentation of the project as of December 31, 2019. (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Balance Sheet (Partial) At December 31, 2019 Current assets: Accounts receivable $ 525,000 Current liabilities: Billings in excess of costs less loss