Help $me$ solve what I got worng and what's missing $to$ cpmplete this assiment:

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

$$8,250,000.$ During $2024,$ costs $of$ $$2,100,000$ were incurred, with estimated costs $of$ $$4,100,000$ yet $tobe$ incurred. Billings $of$

$$2,620,000$ were sent, and cash collected was $$2,350,000.$

$In2025,$ costs incurred were $$2,620,000$ with remaining costs estimated $tobe$ $$3,750,000.2025$ billings were $$2,870,000,$ and

$$2,575,000$ cash was collected. The project was completed $in2026$ after additional costs $of$ $$3,900,000$ were incurred. The

company's fiscal year$-$end $is$ December $31.$ This project does not qualify for revenue recognition over time.

Required:

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

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

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

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

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

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

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

Note: Loss amounts should $be$ indicated with a minus sign. Leave $no$ cells blank. $On$ February $1,2024,$ Arrow Construction Company entered into a three$-$year construction contract $to$ build a bridge for a price $of$

$$8,250,000.$ During $2024,$ costs $of$ $$2,100,000$ were incurred, with estimated costs $of$ $$4,100,000$ yet $tobe$ incurred. Billings $of$

$$2,620,000$ were sent, and cash collected was $$2,350,000$

$In2025,$ costs incurred were $$2,620,000$ with remaining costs estimated $tobe$ $$3,750,000.2025$ billings were $$2,870,000,$ and

$$2,575,000$ cash was collected. The project was completed $in2026$ after additional costs $of$ $$3,900,000$ were incurred. The

company's fiscal year$-$end $is$ December $31.$ This project does not qualify for revenue recognition over time.

Required:

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

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

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

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

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

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

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

Note: $Ifno$ entry $is$ required for a transactio$\frac{n}{e}$vent, select $"No$ journal entry required" $in$ the first account field.

Journal entry worksheet

Record the gross profit $or$ loss.

Note: Enter debits before credits. $On$ February $1,2024,$ Arrow Construction Company entered into a three$-$year construction contract $to$ build a bridge for a price $of$

$$8,250,000.$ During $2024,$ costs $of$ $$2,100,000$ were incurred, with estimated costs $of$ $$4,100,000$ yet $tobe$ incurred. Billings $of$

$$2,620,000$ were sent, and cash collected was $$2,350,000.$

$In2025,$ costs incurred were $$2,620,000$ with remaining costs estimated $tobe$ $$3,750,000\mathrm{.}2025$ billings were $$2,870,000,$ and

$$2,575,000$ cash was collected. The project was completed $in2026$ after additional costs $of$ $$3,900,000On$ February $1,2024,$ Arrow Construction Company entered into a three$-$year construction contract $to$ build a bridge for a price $of$

$$8,250,000.$ During $2024,$ costs $of$ $$2,100,000$ were incurred, with estimated costs $of$ $$4,100,000$ yet $tobe$ incurred. Billings $of$

$$2,620,000$ were sent, and cash collected was $$2,350,000.$

$In2025,$ costs incurred were $$2,620,000$ with remaining costs estimated $tobe$ $$3,750,000.2025$ billings were $$2,870,000,$ and

$$2,575,000$ cash was collected. The project was completed $in2026$ after additional costs $of$ $$3,900,000$ were incurred. The

company's fiscal year$-$end $is$ December $31.$ This project does not qualify for revenue recognition over time.

Required:

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

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

$2b.$ Prepare journaOn February $1,2024,$ Arrow Construction Company entered into a three$-$year construction contract $to$ build a bridge for a price $of$

$$8,250,000.$ During $2024,$ costs $of$ $$2,100,000$ were incurred, with estimated costs $of$ $$4,100,00$