SH On February 1, 2021 XYZ entered into a three-year construction contract to build a airplane for a price of $8.325.000. The following are XYZ's cost incurred, expected cost to complete, billings, and cash collection on this project. This project does not qualify for revenue recognition over time and instead, recognizes revenue when the contract is completed 2021 20222 2023 costs incurred $2,050,000 $2,560,000 $3.850,000 during the year estimated remaining costs $4,050,000 $3,675,000 billings during $2.560.000 $2,810.000 cash collected $2,300,000 $2.525,000 during the year the year 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 2b. Prepare journal entries for 2022 to record the transactions described (credit "various accounts for construction costs incurred). Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 5 of 22 TTD 5 Required: 1. Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years. 20. Prepare journal entries for 2021 to record the transactions described 2b. Prepare journal entries for 2022 to record the transactions described (credit various accounts for construction costs incurred Complete this question by entering your answers in the tabs below. Reqi Reg 2A Reg 20 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.) Revenue Gross profit (loss) Year recognized recognized 2021 2022 2023 Total $ $ 0 0