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newconnect.mheducation.com C Central Pipeline HW Ch 06 6-21 (Static) Long-term Contract; Revenue.. | Chegg.com (Algo) Long-term contract; revenue recognition over time. HW Ch 06 i Saved Help Save & Exit Submit 13 [LO6-9] Exercise 6-21 (Algo) Long-term contract; revenue recognition over time; loss projected on entire project On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of 7.69 $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 points $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. eBook Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2021, 2022, and 2023 using the percentage of Print 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. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2021. References 3b. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2022. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3A Req 3B 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. Do not round intermediate calculations. Round your answers to the nearest dollar amount.) View transaction list Journal entry worksheet newconnect.mheducation.com C Central Pipeline HW Ch 06 6-21 (Static) Long-term Contract; Revenue.. | Chegg.com (Algo) Long-term contract; revenue recognition over time. HW Ch 06 i Saved Help Save & Exit Submit 13 Req 1 Req 2A Req 2B Req 3A Req 3B 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.) 7.69 points Percentages of completion Choose numerator + Choose denominator = % complete to date 2021 eBook 2022 2023 0 2021 Print To date Recognized in prior years Recognized in 2021 Construction revenue $ References Construction expense $ Gross profit (loss) $ 2022 To date Recognized in prior years Recognized in 2022 Construction revenue $ 0 Construction expense $ 0 Gross profit (loss) $ 2023 To date Recognized in prior years Recognized in 2023 Construction revenue $ Construction expense Gross profit (loss $ 0 Mc Graw Hill ducation newconnect.mheducation.com C Central Pipeline HW Ch 06 6-21 (Static) Long-term Contract; Revenue.. | Chegg.com (Algo) Long-term contract; revenue recognition over time. HW Ch 06 i Saved Help Save & Exit Submit 13 Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 2B Req 3A Req 3B 7.69 points 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. Do not round intermediate calculations. Round your answers to the nearest dollar amount.) View transaction list eBook Journal entry worksheet Print 2 3 4 References Record the construction costs. Note: Enter debits before credits. Year General Journal Debit Credit 2021 Record entry Clear entry View general journal Mc Graw ducation A newconnect.mheducation.com C Central Pipeline HW Ch 06 6-21 (Static) Long-term Contract; Revenue.. | Chegg.com (Algo) Long-term contract; revenue recognition over time. HW Ch 06 i Saved Help Save & Exit Submit aw. riepare a paiual valaTICE STEEL IV SHOW THE PIESETLauVIT VI TITE PIVJELL as UI VELEITIVEI JI, ZUL2. 13 Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3A Req 3B 7.69 Req 3A points 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 (Partial) eBook At December 31, 2021 Current assets: Print References Current liabilities: Mc Graw Hill ducation A newconnect.mheducation.com C Central Pipeline HW Ch 06 6-21 (Static) Long-term Contract; Revenue.. | Chegg.com (Algo) Long-term contract; revenue recognition over time. HW Ch 06 i Saved Help Save & Exit Submit aw. riepale a partial walaTICE STEEL WV SITVW THIE PIESETILauVIT VI TTIE PIVJELL as UI DECEITIVEI JI, ZUL2. 13 Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3A Req 3B 7.69 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 (Partial) eBook At December 31, 2022 Current assets: Print References Current liabilities ducation
