On February $1,2024,$ Arrow Construction Company entered into a three$-$year construction contract to build a bridge for a price of $\backslash (\backslash$$ $8,510,000\backslash ).$ During $2024,$ costs of $\backslash (\backslash$$ $2,170,000\backslash )$ were incurred with estimsted costs of $\backslash (\backslash$$ $4,170,000\backslash )$ yet to be incurred. Billings of $\backslash (\backslash$$ $2,670,000\backslash )$ were sent, and cosh collected wiss $\backslash (\backslash$$ $2,420,000\backslash ).$

In $2025,$ costs incurred were $\backslash (\backslash$$ $2,670,000\backslash )$ with remaining costs estimated to be $\backslash (\backslash$$ $3,855,000\backslash ).2025$ billings were $\backslash (\backslash$$ $2,920,000\backslash ),$ and $\backslash (\backslash$$ $2,645,000\backslash )$ cosh wis collected. The project wiss completed in $2026$ after sdditional costs of $\backslash (\backslash$$ $3,970,000\backslash )$ were incurred. The compsny's fiscal yesr$-$end is December $31.$ Arrow recognizes revenue over time according to percentage of completion.

Required: $\backslash (\backslash$square $\backslash )$

$1.$ 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 "Cosh, Materisls, etc." for construction costs incurred$).$

$2$b$.$ Prepare journsl entries for $2025$ to record the transactions described $($credit "Cosh, Materisls, etc." for construction costs incurred$).$

$3$a$.$ Prepare $\backslash (\backslash$Delta $\backslash )$ partial balance sheet to show the presentation of the project $\backslash (8$ s $\backslash )$ of December $31,2024.$

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

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Req $2$A

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.