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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 $8,050,000. During 2021, costs of $2,020,000 were incurred, with estimated costs of $4.020,000 yet to be incurred. Billings of $2,524.000 were sent, and cash collected was $2,270,000 In 2022, costs incurred were $2,524,000 with remaining costs estimated to be $3,630,000, 2022 billings were $2,774,000, and $2,495,000 cash was collected. The project was completed in 2023 after additional costs of $3,820,000 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 3B Rea Req 2A Reg 2B Reg 1 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 $ of Gross profit (loss) recognized s 2021 2022 Complete this question by entering your answers in the tabs below. Reg 3A Req 1 Req 2B Reg 3B Req 2A Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years. (Loss amounts indicated with a minus sign.) Year 2021 Revenue Gross profit (loss) recognized recognized $ of $ 0 0 8,050,000 8,364,000 $ 8,050,000 $ 8,364,000 2022 2023 Total Req 2A > Complete this question by entering your answers in the tabs below. Reg 2A Reg 1 Reg Req 2B Reg 3B Prepare journal entries for 2021 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 View journal entry worksheet Debit Credit No Year 2,020,000 1 2021 202.000 2,524,000 General Journal Construction in progress Various accounts Accounts receivable Billings on construction contract Cash Accounts receivable 2,524.000 2,270,000 2,270,000 Reg 2B > Complete this question by entering your answers in the tabs below. 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 3B > calculations. Round your answers to the 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 repare a partial balance sheet to show the presentation of the project as of December 31, 20 alculations. Round your answers to the nearest dollar amount.) Balance Sheet At December 31, 2021 urrent assets: Interest revenue Inventory Land Loss on long-term contract Notes payable calculations. Round your answers to the nearest dollar amount.) Balance Sheet At December 31, 2021 Current assets: Notes payable Notes receivable Retained earnings Sales revenue Service revenue Various accounts Dag 2R Reg 3B 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, 2022 Current assets: Current liabilities: