12/17/2023 Arrow construction company entered into a three year construction contract course hero cource heroRead NowPrepare journal entries for 2021 to record the transactions described (credit "various accounts" for construction costs incurred). Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years. This project does not qualify for revenue recognition over time. The company's fiscal year-end is December 31. The project was completed in 2023 after additional costs of $3,990,000 were incurred. In 2022, costs incurred were $2,728,000 with remaining costs estimated to be $3,885,000. During 2021, costs of $2,190,000 were incurred, with estimated costs of $4,190,000 yet to be incurred. ![]() ![]() ![]() On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,475,000.
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