Please assist with the accuracy of the numbers as I believe I have a few that are off.

On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,000,000. During 2021, costs of $2,000,000 were incurred, with estimated costs of $4,000,000 yet to be incurred. Billings of $2,500,000 were sent, and cash collected was $2,250,000. In 2022, costs incurred were $2,500,000 with remaining costs estimated to be $3,600,000. 2022 billings were $2,750,000, and $2,475,000 cash was collected. The project was completed in 2023 after additional costs of $3,800,000 were incurred. The companys 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 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.

Reg 1 Reg 2A Req 2B Reg 34 Req 3B Prepare journal entries for 2021 to record the transactions described (credit "various accounts" for construction entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet Credit No 1 Year 2021 General Journal Construction in progress Various accounts Debit 2,000,000 2,000,000 2 2021 2,500,000 Accounts receivable Billings on construction contract 2,500,000 3 2021 2,250,000 Cash Accounts receivable 2,250,000 Reg 1 Req 2A Req 2B Reg 3A Req 3B Prepare journal entries for 2022 to record the transactions described (credit "various accounts" for construction entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Year Debit Credit 1 2022 General Journal Construction in progress Various accounts 2,500,000 2,500,000 N 2022 2,750,000 Accounts receivable Billings on construction contract 2,750,000 3 2022 2,475,000 Cash Accounts receivable 2,475,000 4 2022 100,000 Loss on long-term contract Construction in progress 100,000 Reg 1 Reg 2A Reg 2B Reg 34 Prepare a partial balance sheet to show the presentatic Balance Sheet At December 31, 2021 Current assets: Accounts receivable $ 250,000 Current liabilities: Billings in excess of costs Construction in progress $ 2,500,000 2,000,000 Reg 1 Reg 2A Reg 2B Reg 34 Reg 3B Prepare a partial balance sheet to show the presentation of the projec Balance Sheet At December 31, 2022 Current assets: Accounts receivable $ 525,000 Current liabilities: Billings in excess of costs less loss Construction in progress $ 5,250,000 4,400,000