On February 1, 2024, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,100,000 During 2024, costs of $2,040,000 were incurred, with estimated costs of $4,040,000 yet to be incurred. Billings of $2.548,000 were sent, and cash collected was $2,290,000 In 2025, costs incurred were $2,548,000 with remaining costs estimated to be $3,660,000. 2025 billings were $2,798,000, and $2,515,000 cash was collected. The project was completed in 2026 after additional costs of $3,840,000 were incurred. The company's fiscal year-end is December 31. This project does not qualify for revenue recognition over time. Required: 1. Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years. 26. Prepare journal entries for 2024 to record the transactions described (credit "Cash, Materials, etc." for construction costs incurred) 2b. Prepare journal entries for 2025 to record the transactions described (credit "Cash, Materials, etc." for construction costs incurred) 3a. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2024 3b. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2025. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 28 Req 3A Red 30 Prepare journal entries for 2024 to record the transactions described (credit "Cash, Materials, etc." for construction costs incurred). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 3a. Prepare a partial balance sheet to show the presentation of the project a 3b. Prepare a partial balance sheet to show the presentation of the project a Complete this question by entering your answers in the tabs below. 45:34 Req 1 Req 2A Req 2B Req 3A Req 3B ok . nces Prepare a partial balance sheet to show the presentation of the project as of De Note: Do not round intermediate calculations. Round your answers to the neare Current assets: Balance Sheet At December 31, 2024 Accounts receivable Current liabilities: Billings in excess of CIP 508,000