On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,425,000. During 2021, costs of $2,170,000 were incurred, with estimated costs of $4,170,000 yet to be incurred. Billings of $2,704,000 were sent, and cash collected was $2,420,000. In 2022, costs incurred were $2,704,000 with remaining costs estimated to be $3,855,000. 2022 billings were $2,954,000, and $2,645,000 cash was collected. The project was completed in 2023 after additional costs of $3,970,000 were incurred. The companys fiscal year-end is December 31. This project does not qualify for revenue recognition over time.

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.