On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,060,000. During 2021, costs of $2,020,000 were incurred with estimated costs of $4,020,000 yet to be Incurred. Billings of $2,520,000 were sent, and cash collected was $2,270,000. In 2022, costs incurred were $2,520,000 with remaining costs estimated to be $3,630,000. 2022 billings were $2,770,000 and $2,495,000 cash was collected. The project was completed In 2023 after additional costs of $3,820,000 were incurred. The company's fiscal year-end Is December 31. Arrow recognizes revenue over time according to percentage of completion. 2b. Prepare journal entries for 2022 to record the transactions described (credit various accounts for construction costs incurred). 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 Req 1 Reg 2A Reg 2B Reg 3A Reg 3B Prepare journal entries for 2022 to record the transactions described (credit "various accounts for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest dollar amount.) No Year General Journal Credit Debit 2,520,000 2022 Construction in progress Various accounts 2,520,000 2022 2,770.000 Accounts receivable Billings on construction contract 2.770.000 OOO OO OO OO 2022 Cash 2,495,000 Accounts receivable 2,495.000 2022 2,520,000 % Cost of construction Construction in progress Revenue from long-term contracts 736.685 X 1,783.315 Req 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 (Partial) At December 31, 2021 Current assets: Accounts receivable Costs and profit in excess of billings Current liabilities: Billings on construction contract Reg 1 Reg 2A Reg 2B Reg 3A Reg 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 (Partial) At December 31, 2022 Current assets: Current liabilities: Billings in excess of costs less loss