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On February 1, 2018, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,390,000. During 2018, costs of $2,130,000 were incurred with estimated costs of $4,130,000 yet to be incurred. Billings of $2,630,000 were sent, and cash collected was $2,380,000. In 2019, costs incurred were $2,630,000 with remaining costs estimated to be $3,795,000. 2019 billings were $2,880,000 and $2,605,000 cash was collected. The project was completed in 2020 after additional costs of $3,930,000 were incurred. The companys 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 2018, 2019, and 2020 using the percentage of completion method?

Compute the amount of revenue and gross profit or loss to be recognized in 2018, 2019, and 2020 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.) % complete to date Percentages of completion Choose numerator Choose denominator Actual costs to Estimated total date costs $ 2,130,000 6,260,000 $ 4,760,000 $ 8,555,000 II 2018 2019 2020 $ 11 34.0256% 55.6400% 100.0000% To date 2018 Recognized in prior years $ Recognized in 2018 $ 2,854.744 0 $ 2,854,744 Construction revenue Construction expense Gross profit (loss) $ $ $ 2,130,000 $ 0 $ 2,130,000 724,744 $ 724,744 $ 0 To date 2019 Recognized in prior years 2,854,744 Recognized in 2019 $ 4,668,194 $ 1,813,450 Construction revenue Construction expense Gross profit (loss) CA 2,130,000 724,744 (2,130,000) (724,744) $ $ 2020 Recognized in prior years To date Recognized in 2020 $ 8,390,000 $ 8,390,000 Construction revenue Construction expense Gross profit (loss) $ CA 0 $