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On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,175,000. During 2021, costs of $2,070,000 were incurred, with estimated costs of $4,070,000 yet to be incurred. Billings of $2,584,000 were sent, and cash collected was $2,320,000 In 2022, costs incurred were $2,584,000 with remaining costs estimated to be $3,705,000. 2022 billings were $2,834,000, and $2,545,000 cash was collected. The project was completed in 2023 after additional costs of $3,870,000 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 Req 3A 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 recognized Gross profit (loss) recognized 2021 2022 2023 Total Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 2B Req 3A Req 3B Prepare journal entries for 2021 to record the transactions described (credit "various accounts" for construction costs entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet *** . No Year General Journal Debit Credit Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 2B Reg 3A Req 3B Prepare journal entries for 2021 to record the transactions described (credit "various accounts for construction costs incu entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet Debit Credit 1 Record the construction costs. Req 2B > 2 Record the progress billings. 3 Record the cash collections. 4 Record the gross profit or loss. diwei 1 ue laos berow. Reg 1 Req 2A Reg 28 Req 3A Reg 38 Prepare journal entries for 2022 to record the transactions described (credit "various accounts for construction costs incurre 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 construction costs. Note: Enter debits before credits, Debit General Journal Year Credit 2022 View general journal Record entry Clear entry Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Reg 2B Req Req 3B Prepare journal entries for 2022 to record the transactions described (credit "various accounts" for constructic entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list X x 1 Record the construction costs. 2 Record the progress billings. 3 Record the cash collections. 4 Record the gross profit or loss. Credit Note : journal entry has been entered Vlow general journal Clear entry Record entry Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Reg 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: Show All Items Current liabilities: Req 1 Req 2A Req 2B Req Req 3B Prepare a partial balance sheet to show the presentation of the project as of December calculations. Round your answers to the nearest dollar amount.) Balance Sheet At December 31, 2021 Current assets: Accounts payable Accounts receivable Accumulated depreciation Advertising expense Billings in excess of costs Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Reg 2B Req 3A Req 3B Prepare a partial balance sheet to show the presentation of the project as of December 31, 2021. (Do not round Int calculations. Round your answers to the nearest dollar amount.) Balance Sheet At December 31, 2021 Current assets: Billings in excess of costs Billings in excess of costs less loss Billings on construction contract Common stock Construction in progress Coetofonde cold 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, 20 calculations. Round your answers to the nearest dollar amount.) Balance Sheet At December 31, 2021 Current assets: Common stock Construction in progress Cost of goods sold Deferred revenue Depreciation expense Income tax expense 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 calculations. Round your answers to the nearest dollar amount.) Balance Sheet At December 31, 2021 Current assets: Income tax expense Interest expense Interest revenue Inventory Land Req 1 Reg 2A Req 2B Req Req 3B 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.) Balance Sheet At December 31, 2021 Current assets: Land Loss on long-term contract Notes payable Notes receivable Retained earnings Sales revenue Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3A Req 3B Prepare a partial balance sheet to show the presentation of the project as of December 31, 2021. (Do not roun calculations. Round your answers to the nearest dollar amount.) Balance Sheet At December 31, 2021 Current assets: Notes receivable Retained earnings Sales revenue Service revenue Various accounts Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Req 2B Req 3A Req 3B Prepare a partial balance sheet to show the presentation of the project as of December 31, 2022. calculations. Round your answers to the nearest dollar amount.) Balance Sheet At December 31, 2022 Current assets: Current liabilities: