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On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,500,000. During 2021, costs of $2,200,000 were incurred, with estimated costs of $4,200,000 yet to be incurred. Billings of $2,740,000 were sent, and cash collected was $2,450,000. In 2022, costs incurred were $2,740,000 with remaining costs estimated to be $3,900,000. 2022 billings were $2,990,000, and $2,675,000 cash was collected. The project was completed in 2023 after additional costs of $4,000,000 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. 2a. Prepare journal entries for 2021 to record the transactions described (credit 'various accounts" for 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 28 Reg 3A Reg 38 Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years. (Loss amounts should be indicated with a minus sign.) Year 2021 2022 2023 Total Revenue recognized $2,921,875 4,749,800 8,500,000 $16,171,675 Gross profit (loss) recognized $ 721,8753 (912.075) (249,800) S (440,000) Req 1 Reg 2A Reg 28 Req 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.) No Year Debit Credit 2021 Construction in progress 2,200,000 Various accounts 2,200,000 2021 2,740,000 Accounts receivable Billings on construction 2,740,000 9 16 8 5 III 8 SI III DI Cash Accounts rec 2,450,000 2,450,000 2021 721,875 5 Construction in prog Billings on constru Service revenue 2,921,875 $ 2,200,000 1 Req 1 Reg 2A Req 2B Req 3A Req 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.) No General Jour Credit Year 2022 Debit 2,740,000 Construction in progress Various accounts 2,740,000 2022 2,990,000 Accounts receivable Billings on construction 0 2,990,000 2022 0 .675,000 Cash Accounts receivable 2,675,000 2022 X 2,740,000 X Billings on construction contract Service revenue Construction in progress X 1,827,925 912,075 X Reg 1 Req 2A Req 2B Req Req 3B Prepare a partial balance sheet to show the presentation of the project as of December 31, 2 calculations. Round your answers to the nearest dollar amount.)! Balance Sheet At December 31, 2021 Current assets: $ Accounts receivable Various accounts Construction in progress 290,000 250,000 2,721,875 X Current liabilities: Reg 1 Req 2A Req 2B Req Req 3B Prepare a partial balance sheet to show the presentation of the project as of December 31, 2022. (Do ng calculations. Round your answers to the nearest dollar amount.) Balance Sheet At December 31, 2022 Current assets: Accounts receivable Construction in progress $ 315,000 1,827,925 Current liabilities: Loss on long-term contract $ 65,000