On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,390,000. During 2021, costs of $2,130,000 were incurred with estimated costs of $4,130,000 yet to be incurred. Billings of $2,630,000 were sent, and cash collected was $2,380,000. In 2022, costs incurred were $2,630,000 with remaining costs estimated to be $3,795,000. 2022 billings were $2,880,000 and $2,605,000 cash was collected. The project was completed in 2023 after additional costs of $3,930,000 were incurred. The company's fiscal year-end is December 31. Arrow recognizes revenue over time according to percentage of completion ULUILLUCLU PICCHUYUI LUMILUUI. 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 various accounts for construction costs incurred). Reg 1 Req 2A Reg 28 Req3A Reg 38 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.) No Year General Journal Credit Debit 2,130,000 2021 Construction in progress Various accounts 2,130,000 2021 2,630,000 Accounts receivable Bilings on construction contract 2,630,000 2021 2,380,000 Cash Accounts receivable 2,380,000 2021 2,630,000 Construction in progress Cost of construction Revenue from long-term contracts OOO 81,650 1,813,450