Question 4 (of 5) volue 200 points On February 1, 2016, Arrow Construction Company entered into a three-year construction contract to build a bndge for a price of $8,150,000. During 2016, costs of $2,050,000 were incurred with estimated costs of $4,050,000 yet to be incurred Billings of $2,550,000 were sent and cash collected was $2,300,000 In 2017, costs incurred were $2,550,000 with remaining costs estimated to be $3,675,000 2017 billings were $2,800,000 and $2,525,000 cash was collected. The project was completed in 2018 after additional costs of $3,850,000 were incurred The company's fiscal year-end is December 31 Arrow recognizes revenue over time according to percentage of completion Required Compute the amount of revenue and gross profit or loss to be recognized n 2016, 2017 and 2018 using the percentage-of-completion method? Percentages of completion Choosed stimated total costs Choose numerator % complete to date Actual costs to date 2016 s 2017 2018 2,050,000 6.100 000 336006% 100 0000% O Type here to search ), ryyyyyyyy--s