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PLEASE ANSWER ALL! its only one question Type the answers clearly please!!! napor Orcises S Help Save BE Che 7 Exercise 6-21 (Algo) Long-term contract;
PLEASE ANSWER ALL! its only one question
napor Orcises S Help Save BE Che 7 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 $8,210,000. During 2021. costs of $2,070,000 were incurred with estimated costs of $4,070,000 yet to be incurred. Bilings of $2.570,000 were sent, and cash collected was $2.320,000 in 2022. costs incurred were $2,570,000 with remaining costs estimated to be 53,705,000, 2022 billings were $2,820,000 and $2.545,000 cash was collected. The project was completed in 2023 after additional costs of $3,870,000 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. Propare a partial balance sheet to show the presentation of the project as of December 31, 2021 36. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2022. Print ferences Complete this question by entering your answers in the tabs below. Reg1 Reg 2A Reg 28 Reg 3 Reg 30 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) Percentages of completion Choose numerator % complete to date Choose denominor 2021 JE Chec 7 Rot Reg 2 Reg 28 Req Req 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) Purcentage of completion Choose numerator Choose denominator complete to date 2021 2022 2023 0 0 0 Print 2021 Recognised in prior years To datu Recognized in 2021 Once Construction revenue Construction exponso Gross proft (los) $ $ $ 0 0 0 To date Roogned in prior years Recognized in 2022 0 Construction rovence Construction Expono Gross profit oss $ 5 $ 0 0 To date Recognized in prior years Hocognized in 2023 $ 0 Construction revenue Construction expense Gross profit loss S 0 $ 0 Type the answers clearly please!!!
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