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Exercise 6-21 (Algo) Long-term contract; revenue recognition over time; loss projected on entire project [LO6-9] On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,330,000. During 2021, costs of $2,110,000 were incurred with estimated costs of $4,110,000 yet to be incurred. Billings of $2,610,000 were sent, and cash collected was $2,360,000. In 2022, costs incurred were $2,610,000 with remaining costs estimated to be $3,765,000. 2022 billings were $2,860,000 and $2,585,000 cash was collected. The project was completed in 2023 after additional costs of $3,910,000 were incurred. The company's fiscal year-end is December 31. Arrow recognizes revenue over time according to percentage of completion. Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021, 2022, and 2023 using the percentage of completion method. 2a. Prepare journal entries for 2021 to record the transactions described (credit "various accounts" for construction costs incurred). 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. Compute the amount of revenue and gross profit or loss to be recognized in 2021, 2022, and 2023 using the percentage of completion method. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. Round your final answers to the nearest whole dollar.) 2021 2022 2023 Construction revenue Construction expense Gross profit (loss) Construction revenue Construction expense Gross profit (loss) Construction revenue Construction expense Gross profit (loss) $ $ $ $ $ $ $ $ $ $ $ $ Choose numerator Actual costs to date To date Percentages of completion 2,110,000 + $ 4,680,000+ $ 8,570,000 $ To date + 2,796,812 * $ 2,090,000 $ 706,812 * $ To date 2021 4,599,358 $ 4,744,538 x $ (145,000) * $ 2022 8,270,000 $ 8,570,000 $ (300,000) $ Choose denominator Estimated total costs Recognized in prior years 2023 6,220,000 8,145,000 >= 8,570,000 Recognized in prior years 33 0 0 0 Recognized in prior years = $ $ $ $ 2,796,812 2,090,000 $ 706,812 $ 4,599,358 x $ 4,744,538 $ (145,000) $ % complete to date 33.9228% 57.4586% 100.0000% Recognized in 2021 2,796,812 2,090,000 706,812 Recognized in 2022 1,802,546 2,654,538 (851,812) Recognized in 2023 3,670,642 3,825,462 (155,000) Prepare journal entries for 2021 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 1 2 3 4 Year 2021 2021 2021 2021 Construction in progress Various accounts Accounts receivable Billings on construction contract Cash Accounts receivable General Journal Construction in progress Cost of construction >> Debit 2,110,000 Credit 2,110,000 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 1 2 3 4 Year 2022 2022 2022 2022 General Journal Construction in progress Various accounts Accounts receivable Billings on construction contract Cash Accounts receivable Cost of construction Construction in progress 33 33 Debit Credit 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.) Current assets: Balance Sheet (Partial) At December 31, 2021 Accounts receivable Costs and profit in excess of billings Current liabilities: 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.) Current assets: Balance Sheet (Partial) At December 31, 2022 Accounts receivable Current liabilities: Billings in excess of costs less loss