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Exercise 5-19 Long-term contract; revenue recognition over time; loss projected on entire project [LO5-9 On February 1, 2018, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,330,000. During 2018, costs of $2,110,000 were incurred with estimated costs of $4,110,000 yet to be incurred. Billings of $2,610,000 were sent, and cash collected was $2,360,000. In 2019, costs incurred were $2,610,000 with remaining costs estimated to be $3,765,000. 2019 billings were $2.860,000 and $2,585,000 cash was collected. The project was completed in 2020 after additional costs of $3,910,000 were incurred. The company's 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? 2a. Prepare journal entries for 2018 to record the transactions described (credit 'various accounts" for construction costs incurred) 2b. Prepare journal entries for 2019 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, 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 tabs below. Compute the amount of revenue and gross profit or loss to be recognized in 2018, 2019, and 2020 using the per completion method? (Do not round intermediate calculations. Loss amounts should be indicated with a minus sig your final answers to the nearest whole dollar.) R+centages of completion Choose numerator | + | Choose denominator | Actual costs to date | % complete to date Estimated total costs ed 2018 2019 2020 ok 100.0000% 2018 To date Recognized in prior years Recognized in 2018 Construction revenue Construction expense 2019 To date Recognized in prior years Recognized in 2019 Construction revenue 2020 To date Recognized in prior years Recognized in 2020 Prev 11 of 12 Next> for fir Adult Driver G Gmail Quiz Ch 15 Home Q Chapter 4; Social Chapter 5 HW 2018 in 2018 2019 in 2019 in 2020 Req 1 Req 2A Req 28 Req 3A Req 3B journal entries for 2018 to record the transactions described (credit "various accounts" for construction costs incurr Prepare entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermed calculations. Round your answers to the nearest dollar amount.) Debit Credit 2,110,000 No 2018 in 2,110,000 2018 2,825,772 Billings on co n contract 2,825,772 2018 2,360,000 2,360,000 2018 Cest d consructon 2,610,000 1,808,006 801,994 in progress Prev 11 of 12Next > Check my work 1 Req 1 Req 2A Req 2B Req 3A Req 3B Prepare journal entries for 2019 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.) Journal entry worksheet Record the construction costs. Note: Enter debits before credits 2019 :: Apps G Image result for fir... Adult Driver Educ...G Gmail Quiz: Ch 15 Home...Q Chapter 4; Sociali. Chapter 5 HW Saved Req 1 Req 2A Req 2B Req 3A Req 38 Prepare a partial balance sheet to show the presentation of the project as of December 31, calculations. Round your answers to the nearest dollar amount.) points lance Sheet (Partial) At December 31, 2018 Current assets: eBook Print References Req 28 Req 3B > Req 1 Req 2A Req 28Req 3A Req 38 Prepare a partial balance sheet to show the presentation of the project as of December 31, 2019. (Do n calculations. Round your answers to the nearest dollar amount.) points Balance Sheet (Partial) At December 31, 2019 Current a eBook Print Current liabilities Req 3A Next> KPrev 11 of 12