Prepare all journal entries necessary to reflect the use of the percentage- of completion method in 2015

Question:

Prepare all journal entries necessary to reflect the use of the percentage- of –completion method in 2015 for CCC BE-8-18
In Be8-18
Contract price$85,000
2015
Actual construction costs incurred during the year $12,000
Progress billings made during in year $30,500
Cash collections during the year $25,000