On February 1, 2024, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,030,000. During 2024, costs of $2,010,000 were incurred with estimated costs of $4,010,000 yet to be incurred. Billings of $2,510,000 were sent, and cash collected was $2,260,000. In 2025, costs incurred were $2,510,000 with remaining costs estimated to be $3,615,000. 2025 billings were $2,760,000, and $2,485,000 cash was collected. The project was completed in 2026 after additional costs of $3,810,000 were incurred. The companys fiscal year-end is December 31. Arrow recognizes revenue over time according to percentage of completion. Required: 1. Calculate the amount of revenue and gross profit or loss to be recognized in eac