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On February $1,2024,$ Arrow Construction Company entered into a three$-$year construction contract to build a bridge for a price of

$$8,120,000.$ During $2024,$ costs of $$2,040,000$ were incurred with estimated costs of $$4,040,000$ yet to be incurred. Billings of

$$2,540,000$ were sent, and cash collected was $$2,290,000.$

In $2025,$ costs incurred were $$2,540,000$ with remaining costs estimated to be $$3,660,000.2025$ billings were $$2,790,000,$ and

$$2,515,000$ cash was collected. The project was completed in $2026$ after additional costs of $$3,840,000$ were incurred. The

company's fiscal year$-$end is December $31.$ Arrow recognizes revenue over time according to percentage of completion.

Required:

Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years.

$2$a$.$ Prepare journal entries for $2024$ to record the transactions described $($credit "Cash, Materials, etc." for construction costs incurred$).$

$2$b$.$ Prepare journal entries for $2025$ to record the transactions described $($credit "Cash, Materials, etc." for construction costs incurred$).$

$3$a$.$ Prepare a partial balance sheet to show the presentation of the project as of December $31,2024.$

$3$b$.$ Prepare a partial balance sheet to show the presentation of the project as of December $31,2025.$

Answer is not complete.

Complete this question by entering your answers in the tabs below.

Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years.

Note: Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. Round your final answers to the nearest

whole dollar. Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years.

Note: Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. Round your final answers to the nearest whole dollar. Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years.

Note: Do not round intermediate calculations. Loss amounts should be indicated with a minus sign. Round your final answers to the nearest whole dollar. Complete this question by entering your answers in the tabs below.

Req $1$

Req $2$A

Req $2$B

Prepare journal entries for $2024$ to record the transactions described $($credit "Cash, Materials, etc." for construction costs incurred$).$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest dollar amount. Complete this question by entering your answers in the tabs below.

Req $2$A

Req $2$B

Req $3$A

Prepare journal entries for $2025$ to record the transactions described $($credit "Cash, Materials, etc." for construction costs incurred$).$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest dollar amount.

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$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline No & Year & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$General Journal$\}$ & Debit & Credit $\backslash \backslash$

$\backslash$hline $1$ & $2025$ & Construction in progress & $\backslash (\backslash$cdot $\backslash )$ & $2,540,000$ & $\backslash \backslash$

$\backslash$hline & & Cash, Materials, etc. & $\backslash (\backslash$cdot $\backslash )$ & & $2,540,000\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $2$ & $2025$ & Accounts receivable & $($v$)$ & $2,790,000$ & $\backslash \backslash$

$\backslash$hline & & Billings on construction contract & $\backslash (\backslash$cdot $\backslash )$ & & $2,790,000\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $3$ & $2025$ & Cash & $($v$)$ & $2,515,000$ & $\backslash \backslash$

$\backslash$hline & & Accounts receivable & $($v$)$ & & $2,515,000\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $4$ & $2025$ & Cost of construction & $\backslash (\backslash$cdot $\backslash )$ & $2,593,299$ & $\backslash \backslash$

$\backslash$hline & & Revenue from long$-$term contracts & $\backslash (\backslash$cdot $\backslash )$ & & $1,788,828\backslash \backslash$

$\backslash$hline & & Construction in progress & $\backslash (\backslash$checkmark $\backslash )$ & & $804,471\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$ Complete this question by entering your answers in the tabs below.

Complete this question by entering your answers in the tabs below.

Prepare a partial balance sheet to show the presentation of the project as of December $31,$ ;

Note: Do not round intermediate calculations. Round your answers to the nearest dollar amc

Prepare a partial balance sheet to show the presentation of the project as of Decem Note: Do not round intermediate calculations. Round your answers to the nearest di