please help with req 1, req 2a and 2b, and req 3a and 3b

On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,325,000. During 2021, costs of $2,130,000 were incurred, with estimated costs of $4,130,000 yet to be incurred. Billings of $2,656,000 were sent, and cash collected was $2,380,000. In 2022, costs incurred were $2,656,000 with remaining costs estimated to be $3,795,000.2022 billings were $2,906,000, and $2,605,000 cash was collected. The project was completed in 2023 after additional costs of $3,930,000 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. Req 1 Req 2A Req 2B Req Req 3B 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 Gross profit (loss) recognized recognized $ 2,832,998 $ 702,998 1,809,855 2021 2022 2023 Total $ 4,642,853 $ 702,998 Req 1 Req 2A Req 2B Req 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.) Year Credit No 1 General Journal Construction in progress Billings in excess of costs less loss Debit 2,130,000 2021 2,130,000 N 2021 2,656,000 Accounts receivable Billings on construction contract 2,656,000 3 2021 2,380,000 Cash Accounts receivable 2,380,000 4 2021 X Construction in progress Billings on construction contract Loss on long-term contract 702,998 X 2,130,000 2,832,998 Req 1 Req 2A Req 2B Req Req 3B 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.) No Credit Year 2022 General Journal Construction in progress Billings on construction contract Debit 2,656,000 1 2,656,000 N 2022 2,906,000 Accounts receivable Billings on construction contract 2,906,000 3 2022 2,605,000 Cash Accounts receivable 2,605,000 4 2022 2,656,000 Billings on construction contract Loss on long-term contract Construction in progress 1,809,855 846,145 Req 1 Req 2A Req 2B Req Req 3B 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: Reg 1 Req 2A Req 2B Req Req 3B 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: Current liabilities