On February 1, 2021. Arrow Construction Company entered into a three-year construction contract 10 build a bridge for a price of $8,240,000. During 2021, costs of $2,080,000 were incurred with estimated costs of $4.080.000 yet to be incurred Billings of $2,580.000 were sent and cash collected was $2.330,000 in 2022, costs incurred were $2,580,000 with remaining costs estimated to be $3.720000 2022 billings were $2.830,000 and $2,555,000 cash was collected. The project was completed in 2023 after additional costs of $3.880.000 were incurred. The company's fiscal year-end is December 31 Arrow recognizes revenue over time according to percentage of completion Requtred: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021 2022 and 2023 Ung 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 anthes for 2022 to record the transactions described (credit various account for construction continued 30. Prepare a partial balance sheet to show the presentation of the project 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. R 2 Re20 Reg Rat Compute the amount of revenue and gross profit or less to be recognized 102021 2022 and 2023 using the percentage et completion method. Do roundnaredite alculation amount the Indicating on Round out the enthola in SO Percentage of completion Chonum Cena Lotulot 2.000.000 cool- 2023 . saa On February 1, 2021. Arrow Construction Company entered into a three-year construction contract 10 build a bridge for a price of $8,240,000. During 2021, costs of $2,080,000 were incurred with estimated costs of $4.080.000 yet to be incurred Billings of $2,580.000 were sent and cash collected was $2.330,000 in 2022, costs incurred were $2,580,000 with remaining costs estimated to be $3.720000 2022 billings were $2.830,000 and $2,555,000 cash was collected. The project was completed in 2023 after additional costs of $3.880.000 were incurred. The company's fiscal year-end is December 31 Arrow recognizes revenue over time according to percentage of completion Requtred: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021 2022 and 2023 Ung 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 anthes for 2022 to record the transactions described (credit various account for construction continued 30. Prepare a partial balance sheet to show the presentation of the project 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. R 2 Re20 Reg Rat Compute the amount of revenue and gross profit or less to be recognized 102021 2022 and 2023 using the percentage et completion method. Do roundnaredite alculation amount the Indicating on Round out the enthola in SO Percentage of completion Chonum Cena Lotulot 2.000.000 cool- 2023 . saa
