On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,225,000. During 2021, costs of $2,090,000 were incurred, with estimated costs of $4,090,000 yet to be incurred. Billings of $2,608,000 were sent, and cash collected was $2,340,000. In 2022, costs incurred were $2,608,000 with remaining costs estimated to be $3,735,000. 2022 billings were $2,858,000, and $2,565,000 cash was collected. The project was completed in 2023 after additional costs of $3,890,000 were incurred. The companys fiscal year-end is December 31. This project does not qualify for revenue recognition over time. Required: 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