On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8.030.000. During 2021, 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 2022. costs incurred wore $2.510.000 with remaining costs estimated to be $5.615.000. 2022 billings were $2760.000 and $2485 000 cash was collected. The project was completed in 2023 after additional costs of $3.810.000 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 2021 2022 and 2023 using the percentage of completion method. 2a. Prepare journal entries for 2021 to record the transactions described credit "vanous accounts for construction costs incurred 2. Prepare foumal entries for 2022 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, 2021 3. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2022 Complete this question by entering your answers in the tabs below. Reg 28 Compute the amount of revenue and gross profit or loss to be recognized in 2021, 2022 and 2023 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) Percentages of completion Choose numerator Choose denominator - Scomplete to date . . To date Recognized in prior years Recognized in 2021 date Recognized in prior years Recognized in 2022 Construction revenue Construction expense Gross profits Gross profit oss Reg 2A On February 1, 2021, Arrow Construction Company entered into three year construction contract to build a bridge for a price of $8,030,000. During 2021, 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 2022, costs incurred were $2.510,000 with remaining costs estimated to be $3.615.000. 2022 billings were $2.760,000 and $2,485,000 cash was collected. The project was completed in 2023 after additional costs of $3,810,000 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 2021 2022 and 2023 using the percentage of completion method. 2. Prepare foumal entries for 2021 to record the transactions described (credit "various accounts for construction costs incurred 2b. Prepare journal entries for 2022 to record the transactions described (credit various accounts for construction costs incurred) 3. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2021. 3b. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2022 Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Prepare journal entries for 2021 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.) View transaction list Journal entry worksheet 1 2 3 4 Record the construction costs. Note: Enter debits before credits. Year General Journal D ebit Credit Record entry Clear entry View general journal On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,030,000. During 2021, 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 2022. costs incurred were $2.510,000 with remaining costs estimated to be $3,615,000.2022 billings were $2760.000 and $2.485.000 cash was collected. The project was completed in 2023 after additional costs of $3.810,000 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 2021 2022 and 2023 using the percentage of completion method 20. Prepare journal entries for 2021 to record the transactions described (credit Various accounts for construction costs incurred 2b. Prepare journal entries for 2022 to record the transactions described credit 'Various accounts for construction costs incurred 3o. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2021 35. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2022 Complete this question by entering your answers in the tabs below. Prepare journal entries for 2022 to record the transactions described (credit "various accounts for construction costs incurred. If no entry required for a transaction/event, select "No journal entry required in the first account field. De not round intermedida calculations. Round your answers to the nearest dollar amount.) View transaction list Journal entry worksheet Record the construction costs. Note Enter debts before credits - General Jo 0 12 21 View general ( Res 2 RegSA > On February 1, 2021, Arrow Construction Company entered into three-year construction contract to build a bridge for a price of 58,030,000. During 2021, costs of $2,010,000 were incurred with estimated costs of $4,010,000 yet to be incurred. Billings of 52.510.000 were sent, and cash collected was $2.260.000. in 2022, costs incurred were $2.510.000 with remaining costs estimated to be $3,615,000.2022 bilings were $2.760,000 and 52.485,000 cash was collected. The project was completed in 2023 after additional costs of $3,810.000 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 2021 2022 and 2023 using the percentage of completion method 2. Prepare journal entries for 2021 to record the transactions described (credit various accounts for construction costs incurred 2b. Prepare journal entries for 2022 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, 2021 3b. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2022 Complete this question by entering your answers in the tabs below. Reg 28 Rida 3A Red 3B Prepare a partial balance sheet to show the presentation of the project as of December 31, 2021. (Do not round Intermediate calculations. Round your answers to the nearest dollar amount. Balance Sheet (Partial) At December 31, 2021 Current asse Reg 2R Req38 > On February 1, 2021, Arrow Construction Company entered into three-year construction contract to build a bridge for a price of $8.030.000. During 2021, 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 2022, costs incurred were $2.510,000 with remaining costs estimated to be $3,615,000.2022 billings were $2.760,000 and $2,485,000 cash was collected. The project was completed in 2023 after additional costs of $3.810.000 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 2021 2022, and 2023 using the percentage of completion method. 20. Prepare journal entries for 2021 to record the transactions described (credit various accounts for construction costs incurred). 2b. Prepare journal entries for 2022 to record the transactions described (credit various accounts for construction costs incurred) 30. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2021 36. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2022 Complete this question by entering your answers in the tabs below. Reg 2A Rea 28 Reg 38 Prepare a partial balance sheet to show the presentation of the project as of December 31, 2022. (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Balance Sheet (Partial At December 31, 2022 Current assets umenti