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On February 1, 2021, Arrow Construction Company entered into a three-vear construction contract to build a bridge for a price of $8,200,000. During 2021, costs of $2,080,000 were incurred, with estimated costs of $4,080,000 yet to be incurred. Billings of $2,596,000 were sent, and cash collected was $2,330,000. In 2022, costs incurred were $2,596,000 with remaining costs estimated to be $3.720.000. 2022 billings were $2,846,000, and $2,555,000 cash was collected. The project was completed in 2023 after additional costs of $3,880,000 were incurred. The company's 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 Complete this question by entering your answers in the tabs below. Reg1 Req 2A Req 28 Req 3A Reg 38 Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years. (Loss amounts should be indicated with a minus sign.) Year Revenue recognized Gross profit (loss) recognized 2021 2022 2023 Total $ On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,200,000. During 2021, costs of $2,000,000 were incurred, with estimated costs of $4,080,000 yet to be incurred. Billings of $2,596,000 were sent, and cash collected was $2,330,000. In 2022, costs incurred were $2,596,000 with remaining costs estimated to be $3.720,000. 2022 billings were $2,846,000, and $2,555,000 cash was collected. The project was completed in 2023 after additional costs of $3,880,000 were incurred. The company's 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 Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 2B Reg 3A Reg 38 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.) View transaction list Journal entry worksheet 234 Record the construction costs. Note: Enter debits before credits Year General Journal Debit Credit 2021 Record entry Clear entry View general journal On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,200,000. During 2021, costs of $2,000,000 were incurred, with estimated costs of $4,080,000 yet to be incurred. Billings of $2,596,000 were sent, and cash collected was $2,330,000. In 2022, costs incurred were $2,596.000 with remaining costs estimated to be $3,720,000.2022 billings were $2,846,000, and $2,555,000 cash was collected. The project was completed in 2023 after additional costs of $3,880,000 were incurred. The company's 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 Complete this question by entering your answers in the tabs below. Req1 Req 2A Req 20 Req 3A Reg 38 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.) View transaction list Journal entry worksheet Record the cash collections. Note: Enter debits before credits. General Journal Debit Credit Record entry Clear entry View general journal On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $3,200,000. During 2021, costs of $2,000,000 were incurred with estimated costs of $4.080.000 yet to be incurred. Bilings of $2,596,000 were sent, and cash collected was $2,330,000 in 2022, costs incurred were $2,596,000 with remaining costs estimated to be $3.720,000.2022 billings were $2.846,000, and $2,555,000 cash was collected. The project was completed in 2023 after additional costs of $3.880,000 were incurred The company's 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. 2n. 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 Complete this question by entering your answers in the tabs below. Reg 2A Reg 2 Reg 3A Reg 36 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) View transaction list Journal entry worksheet Record the gross profit or loss. Note: Enter debits before credits, Year General Journal Debit Debit Credit Record entry Clear entry View general journal on February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of 8,200,000. During 2021, costs of $2,080,000 were incurred, with estimated costs of $4,080,000 yet to be incurred. Billings of 2,596,000 were sent, and cash collected was $2,330,000 2022, costs incurred were $2,596,000 with remaining costs estimated to be $3.720.000, 2022 billings were $2.846,000, and -2,555,000 cash was collected. The project was completed in 2023 after additional costs of $3,880,000 were incurred. The ompany's fiscal year-end is December 31. This project does not qualify for revenue recognition over time. Required: . Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years Ea. 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) sa. Prepare a partial balance sheet to show the presentation of the project as of December 31, 2021 Bb. 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. Reg 1 Red 2A Reg 20 Reg 3A Reg 36 Prepare journal entries for 2022 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.) View transaction list Journal entry worksheet 17 Record the construction costs. Note: Enter debits before credits General Journa Debit Credit Record entry Clear entry View general journal On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $1,200,000. During 2021, costs of $2,080,000 were incurred, with estimated costs of $4,080.000 yet to be incurred. Billings of $2,596,000 were sent, and cash collected was $2,330,000. In 2022, costs incurred were $2,596,000 with remaining costs estimated to be $3,720,000. 2022 bilings were $2,846,000, and $2,555,000 cash was collected. The project was completed in 2023 after additional costs of $3,880,000 were incurred. The company's 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 20. 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 Complete this question by entering your answers in the tabs below. Req Reg 2A Reg 28 Reg Reg 38 Prepare journal entries for 2022 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.) View transaction list Journal entry worksheet Record the progress billings. Note: Enter debits before credits. Year General Journal Debit Credit 2022 Record entry Clear entry View general journal On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,200,000. During 2021, costs of $2,080,000 were incurred, with estimated costs of $4,080,000 yet to be incurred. Billings of $2,596,000 were sent, and cash collected was $2,330,000 In 2022, costs incurred were $2,596,000 with remaining costs estimated to be $3,720,000.2022 billings were $2,846,000, and $2,555,000 cash was collected. The project was completed in 2023 after additional costs of $3,880,000 were incurred. The company's 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 Complete this question by entering your answers in the tabs below. Req1 Reg 2A Reg 28 Reg Reg 36 Prepare journal entries for 2022 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.) View transaction list Journal entry worksheet Record the cash collections. Note: Enter debits before credits General Journal Debit Credit Record entry Clear entry View general journal On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,200,000. During 2021, costs of $2,080,000 were incurred, with estimated costs of $4,080,000 yet to be incurred. Billings of $2,596,000 were sent, and cash collected was $2,330,000. In 2022, costs incurred were $2,596,000 with remaining costs estimated to be $3.720.000, 2022 billings were $2.846,000, and $2,555,000 cash was collected. The project was completed in 2023 after additional costs of $3,880,000 were incurred. The company's fiscal year-endis 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. 2n. 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 Icredit 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 Complete this question by entering your answers in the tabs below. Req1 Reg 2A Reg 28 Reg 3A Reg 36 Prepare journal entries for 2022 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.) View transaction list Journal entry worksheet Record the gross profit or loss. Note: Enter debits before credits General Joumal Year Debit Credit Record entry Clear entry View general journal On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,200,000. During 2021, costs of $2,080,000 were incurred, with estimated costs of $4,080,000 yet to be incurred. Billings of $2,596,000 were sent, and cash collected was $2,330,000. In 2022, costs incurred were $2,596,000 with remaining costs estimated to be $3.720.000. 2022 billings were $2.846,000, and 5,000 cash was collected. The project was completed in 2023 after additional costs of $3,880,000 were incurred. The company's 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. Za. 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 Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 2B Req 3A Reg 38 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 At December 31, 2021 Current assets: Current liabilities: On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,200,000. During 2021, costs of $2,080,000 were incurred, with estimated costs of $1,080,000 yet to be incurred. Billings of $2,596,000 were sent, and cash collected was $2,330,000. In 2022, costs incurred were $2,596.000 with remaining costs estimated to be $3,720,000.2022 billings were $2,846,000, and $2,555,000 cash was collected. The project was completed in 2023 after additional costs of $3,880,000 were incurred. The company's 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 Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Req 3A Reg 38 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 At December 31, 2022 Current assets Currentlab