Southern California Builders Inc. entered into a contract to construct an office building and plaza at a contract price of $30,000,000. Income is to be reported using the percentage-of-completion method as determined by estimates made by the architect. The data below summarize the activities on the construction for the years 2010–2012. For the years 2010–2012, what entries are required to record this information, assuming the architect's estimate of the percentage completed is used to determine revenue (proportional costapproach)?

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Actual Cost Estimated Cost Percentage Completedct Collections Billings on Billings Year ncurred to Complete Architect's Estimate 2010 2011 2012 $7600,000 9,700,000 8,800,000 30% 80 100 9,500,000 $9,000.000 11,500,000 10,300,000 10.700.000 $18.400,000 8,900,000 9,000,000