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Home Page Dredory D taer Links D Outok Web Access apter 5 Homework Exercise 5-19 Long-term contract; revenue recognition over time; loss projected on entire project [LOS- 9 On February 1, 2018, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price $8,000,000 During 2018, costs of $2,000,000 were incured with estimated costs of $4,000,000 yet to be incurred Bilings of $2.500000 were sent, and cash collected was S2250000 In 2019, costs incurred were $2 500,000 with remaining costs estimated to be $3600,000 2019 billings were $2750000 $2.475000 cash was collected. The project was completed in 2020 after additional costs of $3,800,000 were incurred. The company's fiscal year-end is December 3t Arrow recognizes revenue over time according to percentage of completion elock PRequired 1. Compute the amount of revenue and gross proft or loss to be recognized in 2018. 2019, and 2020 using the percentage of completion method Reternces 20. Prepare journal entries for 2018 to record the transactions described (credit vanious accounts for construction costs incurred) 3a. Prepare partial balance sheet to show the presentation of the project as of December 31, 2018 3b. Prepare a partial balance sheet to show the presentation of the project as of December 31,2019 Complete this question by entering your answers in the teabs below Compute the amount of revenue and gross proft or loss to be recegnized in 2018, 2019, and 2020 using the percentage of round intermediate calculations. Loss amounts be indicated with a minus sign. Round final answers to the nearest whole dollar) n 2053 nch the web and Window (0