Return On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,570,000. During 2021, costs of $2,190,000 were incurred with estimated costs of $4,190,000 yet to be incurred. Billings of $2,690,000 were sent, and cash collected was $2.440,000 In 2022, costs incurred were $2,690,000 with remaining costs estimated to be $3,885,000.2022 billings were $2.940,000 and $2,665,000 cash was collected. The project was completed in 2023 after additional costs of $3,990,000 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 2021 2022, and 2023 using the percentage of completion method. 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Reg 3A Reg 38 Compute the amount of revenue and gross profit or loss to be recognized in 2021, 2022, and 2023 using the percentage of completion method. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. Round your final answers to the nearest whole dollar) Percentages of completion Choose denominator complete to date Choose numerator Actual costs to date 2.100.000 4 30 000 Estimated total costs 6.380.000 8.765.000 34 3200N 55 6TBON Answer IS HUL Lumplete. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Req 2B Reg 3A Req 38 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. Don round intermediate calculations. Round your answers to the nearest dollar amount.) No Year General Journal Credit Debit 2,190,000 2021 Construction in progress Various accounts 2,190,000 2021 2,690,000 Accounts receivable Billings on construction contract 2,690,000 2,440,000 Cash Accounts receivable 2.440,000 2021 Construction in progress. Cost of construction Revenue from long-term contracts 751,738 2,190,000 2,941,738 Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Reg 2B Req BA Req 38 Prepare a partial balance sheet to show the presentation of the project as of December 31, 2021. (Do not round calculations. Round your answers to the nearest dollar amount.) Balance Sheet (Partial) At December 31, 2021 Current assets: Accounts receivable Costs and profit in excess of billings 250,000 251,738 Current liabilities:
