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On February 1, 2018, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8.420,000. During 2018, costs of $2,140,000 were incurred with estimated costs of $4,140,000 yet to be incurred. Billings of $2,640,000 were sent, and cash collected was $2,390,000. In 2019, costs incurred were $2.640,000 with remaining costs estimated to be $3,.810,000. 2019 billings were $2,890,000 and $2,615,000 cash was collected. The project was completed in 2020 after additional costs of $3,940,000 were incurred. The company's fiscal year end is December 31. Arrow recognizes revenue over time according to percentage of completion. Required rapute the amount of revenue and gross profit or loss to be recognized in 2018, 2019, and 2020 using the percentage of completion method? 2a. Prepare journal entries for 2018 2b. Prep 3a. Prepare a partial balance s 3b. Pr to record the transactions described (credit "various accounts" for construction costs incurred). to record the transactions described (credit 'various accounts" for construction costs incurred) are journal entries for 2019 heet to show the presentation of the project as of December 31, 2018 epare a partial balance sheet to show the presentation of the project as of December 31, 2019. Complete this question by entering your answers in the tabs below. Rea 1 Req 2A Req 2B Req 3A Req 38 Prev 1 of1 Next

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