On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,600,000. During 2021, costs of $2,200,000 were incurred with estimated costs of $4,200,000 yet to be incurred. Billings of $2,700,000 were sent, and cash collected was $2,450,000. In 2022, costs incurred were $2,700,000 with remaining costs estimated to be $3,900,000. 2022 billings were $2,950,000 and $2,675,000 cash was collected. The project was completed in 2023 after additional costs of $4,000,000 were incurred. The companys fiscal year-end is December 31. Arrow recognizes revenue over time according to percentage of completion.

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.

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 (Partial)
At December 31, 2021
Current assets:
Current liabilities:

Complete this question by entering your answers in the tabs below.

• Req 1
• Req 2A
• Req 2B
• Req 3A
• Req 3B

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 (Partial)
At December 31, 2022
Current assets:
Current liabilities: