What are the steps to solve this problem, explain the journal entries please

Recognize 2. On February 1, 2027, Arrow Inc. entered into a three-year construction contract for a price of $8,000.000. During 2027, costs of $2,000,000 were incurred with estimated costs of $4,900,000 yet to be incurred. Billings of $2,500,000 were sent, and cash collected was $2,250,090. Arrow recognizes revenue over time according to percentage of completion. First, complete the following worksheet for 2027: Line Formula Contract Price 8,000,000 Actual costs to date 2,000,000 Estimated costs to complete 4,000,000 (2)+(3) Total costs (2) /(4) % complete O (1)*(5) Revenue to date A(6) Annual Revenue co =(1)-(4) Total Gross Profit (8)*(5) if (8) 0 Gross Profit to date (10) 4(9 Annual Gross Profit (1 1) =(7)-(10) Annual Cost Then, record journal entries including revenue recognition, CIP, billings, cash collection