On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,250,000. During 2021, costs of $2,100,000 were incurred, with estimated costs of $4,100,000 yet to be incurred Billings of $2.620,000 were sent, and cash collected was $2,350,000 In 2022, costs incurred were $2.620,000 with remaining costs estimated to be $3,750,000 2022 billings were $2,870,000, and $2,575,000 cash was collected. The project was completed in 2023 after additional costs of $3,900.000 were incurred. The company's fiscal year-end is December 31. This project does not qualify for revenue recognition over time Required: 1. Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years 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 incured), 30. 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 2 Reg 3 Reg 38 Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years. (Lous amounts should be Indicated with a minus sign) Year Revenue recognized Gross profit loss recognized 2021 2022 2023 Total $ 0 RA Req2A > points Complete this question by entering your answers in the tabs below. 80219:19 Reg 1 Reg 2A Reg 28 Reg 3A Req 3B Book Prepare journal entries for 2021 to record the transactions described (credit various accounts for construction costs incurred. (If go entry is required for a transaction/event, select "No Journal entry required in the first account field.) Print View transaction list Journal entry worksheet 2 3 Record the construction costs. Noter Enter debits before credits General Journal Year 2021 Debit Credit Record entry Clear entry View general journal plete this question by entering your answers in the tabs below. Req-1 Reg 2A Reg 28 Reg 3A Reg 38 Reg 28 Prepare journal entries for 2022 to record transactions described (credit "various accounts for construction costs incurred). (If go entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Record the construction costs Note: Enter debits before credits Year General Journal Debit Credit 2022 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 2B Reg 3A Reg 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 At December 31, 2021 Current assets: Current liabilities Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Reg 3A Dag 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 At December 31, 2022 Current assets Current liabilities
