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 2012-2014. For the years 2012-2014, what entries are required to record this information, assuming the architect's estimate of the percentage completed is used to determine revenue (proportional cost approach)?

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Actual Cost Incurred Cost Percentage Completed Estimated Cost Percentage Completed- Architect's Estimate Project Collections on Billings Year to Complete . $7,600,000 9,700,000 8,800,000 $18,400,000 8,900,000 0 30% 80 100 9,500,000 $9,000,000 11,500,000 10,300,000 9,000,000 10,700,000 2014