On February $1,2024,$ Arrow Construction Company entered into a three$-$year construction contract to build a bridge for a price of $\backslash (\backslash$$ $8,360,000\backslash ).$ During $2024,$ costs of $\backslash (\backslash$$ $2,120,000\backslash )$ were incurred with estimated costs of $\backslash (\backslash$$ $4,120,000\backslash )$ yet to be incurred. Billings of $\backslash (\backslash$$ $2,620,000\backslash )$ were sent, and cash collected was $\backslash (\backslash$$ $2,370,000\backslash ).$

In $2025,$ costs incurred were $\backslash$$$2,620,000$ with remaining costs estimated to be $\backslash$$$3,780,000.2025$ billings were $\backslash$$$2,870,000,$ and $\backslash (\backslash$$ $2,595,000\backslash )$ cash was collected. The project was completed in $2026$ after additional costs of $\backslash (\backslash$$ $3,920,000\backslash )$ were incurred. The company's fiscal year$-$end is December $31.$ Arrow recognizes revenue over time according to percentage of completion.

Required:

$1.$ 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 "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 $31,2025.$

Brady Construction Company contracted to build an apartment complex for a price of $\backslash$$$5,000,000.$ Construction began in $2024$ and was completed in $2026.$ The following is a series of independent situations, numbered $1$ through $6,$ involving differing costs for the project. All costs are stated in thousands of dollars.

Required:!!!!!

Complete the following table.

Note: Enter your answers in whole dollars and not in thousands of dollars $($i$.$e$.,\backslash (\backslash$$ $400\backslash )$ thousand should be entered as $\backslash (\backslash$$ $400,000\backslash )).$ Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign.