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9 5 points On February 1, 2021. Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,050,000. During 2021, costs of $2,020,000 were incurred, with estimated costs of $4,020,000 yet to be incurred Billings of $2,524,000 were sent, and cash collected was $2 270,000 In 2022, costs incurred were $2,524,000 with remaining costs estimated to be 53.630,000 2022 billings were $2.774,000, and $2,495,000 cash was collected. The project was completed in 2023 after additional costs of $3.820,000 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 20. 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 credt various accounts for construction costs incurred) 30. 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 book A reference Complete this question by entering your answers in the tabs below. 2A Red 20 RA Red Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years to amounts should be indicated with a minus sign) 9 Complete this question by entering your answers in the tabs below. 5 points Reg 1 Red 2A Reg 28 Rega Red 38 Boo Calculate the amount of revenue and gross profit or lost to be recognized in each of the three years. (loss amounts should be Indicated with a minus sign) A Year Revenue recognized Gross profit loss recognized Reference 2021 2022 2023 Total Reg 2A > 9 Complete this question by entering your answers in the tabs below. 5 DOS Rea 1 Reg 2A Reg 28 Reg 3A Reg 38 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.) -BOOK View transaction ist Journal entry worksheet Wacord the construction cours Entertainer Year General Journal Debit Credit 9 Journal entry worksheet 5 points Record the construction costs. eBook ASK Note: Enter debits before credits References Year General Journal Debit Credit 2021 Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 > Record the progress billings. Note: Enter debits before credits. Year General Journal Debit Credit 2021 Record entry Clear entry View general Journal Journal entry worksheet Record the gross profit or loss. eBook Ask References Note: Enter debits before credits. General Journal Year 2022 Debit Credit Record entry Clear entry View general Journal Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Req 2B Req 3A Reg 3B 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.) Balance Sheet At December 31, 2021 Current assets Book Ask erences Current liabilities 9 Reg 1 Reg 2A Reg 2B Reg 3A Reg 3B 5 points 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.) Balance Sheet At December 31, 2022 Current assets eBook Ask References Current liabilities