Side Note: All of the numbers displayed in my answers should be correct. Side Note (2-b journey Entry 4): Not sure what the correct accounts would be for "Record the expected loss"

Exercise 5-19 Long-term contract; revenue recognition over time; loss projected on entire project [LO5-9] On February 1, 2016, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of S8,180,000. During 2016, costs of $2,060,000 were incurred with estimated costs of S4,060,000 yet to be incurred. Billings of $2,560,000 were sent and cash collected was $2,310,000 In 2017, costs incurred were $2,560,000 with remaining costs estimated to be $3,690,000. 2017 billings were $2,810,000 and $2,535,000 cash was collected. The project was completed in 2018 after additional costs of $3,860,000 were incurred. The company's fiscal year-end is December 31. Arrow recognizes revenue over time according to percentage of completion