please atleast answer part 1 of this question. thank you!

On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,420,000. During 2021, costs of $2,140,000 were incurred with estimated costs of $4,140,000 yet to be incurred. Billings of $2,640,000 were sent, and cash collected was $2,390,000 In 2022, costs incurred were $2,640,000 with remaining costs estimated to be $3,810,000. 2022 billings were $2,890,000 and $2,615,000 cash was collected. The project was completed in 2023 after additional costs of $3,940,000 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 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). 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Rea 1 Req2A Reg 20 Req Reg 38 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 intermedide calculations. Loss amounts should be indicated with a minus sign. Round your final answers to the nearest whole dollar) % complete to date Percentages of completion Choose numerator Choose denominator Actual costs to date Estimated total costs 2.140,000 $ 5.280,000 47 Annon 2021 5 34.0764 Drau