Problems P61 E 6-22 Long-teror contract, revenue recognition upon project completion; los projected on entire project L06-8, L06-9 This is a variation of E6-21 focusing on the revenue recognition upon project completion] On February 1, 2021. Arrow Construction Company entered into a three-year construction contract to build bridge for a price of $8.000.000. During 2021, costs of $2.000,000 were incurred, with estimated costs of $4,000,000 yet to be incurred. Billings of $2,500,000 were sent, and cash collected was $2.250,000 In 2022, costs incurred were $2,500,000 with remaining costs estimated to be $3,600,000.2022 billings were $2,750,000, and $2,475,000 cash was collected. The project was completed in 2023 after additional costs of 53.800,000 were incurred. The company's fiscal year-end is December 31. This project does not qualify for nue recognition over time. Upont fees performance cons 106-4.106-5 Fit & Slim Required Assun access oney aina CHAPTER 6 Revenue Recognition 327 Required: Calculate the amount of gross profit or loss to be recognized in each of the three years