3 25 points Thrasher Construction Co. was contracted to construct a building for $895,000. The building is owned by the customer throughout the contract period. The contract provides for progress payments. Thrasher's accounting year ends 31 December. Work began under the contract on 1 July 20X5, and was completed on 30 September 20X7. Construction activities are summarized below by year: 20X5Construction costs incurred during the year, $165,100; estimated costs to complete, $577,900; progress billings during the year, $140,300; and collections, $128.400 20X6Construction costs incurred during the year, $412,700; estimated costs to complete, $174,300; progress billing during the year, $350,800; and collections, $348,600. 20X7 Construction costs incurred during the year, $179,000. Because the contract was completed, the remaining balance was billed and later collected in full per the contract eBook References Required: 1. Prepare Thrasher's journal entries to record these events. Assume that percentage of completion is measured by the ratio of costs incurred to date divided by total estimated construction costs. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) View transaction list Journal entry worksheet Record the construction costs incurred. Note: Enter debits before credits. General Journal Debit Credit Date 20X5 Check my work Record entry Clear entry View general journal m. 25 points View transaction list eBook Journal entry worksheet References 1 2 3 4 5 > Record the construction costs incurred. Note: Enter debits before credits. Date General Journal Debit Credit 20X6 Record entry Clear entry View general journal m. View transaction list 25 points Journal entry worksheet eBook Record the construction costs incurred. References Note: Enter debits before credits. Date General Journal Debit Credit 20X7 Record entry Clear entry View general journal 2. Provide the balances that would be shown on the SCI and SFP for this contract for each year. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) 20X5 20X6 20X7 Statement of Financial Position: 3 25 points 2. Provide the balances that would be shown on the SCI and SFP for this contract for each year. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) 20X5 20X6 20X7 Statement of Financial Position: eBook Current assets: Accounts receivable Contract asset Income Statement: Income on construction (net) References 3-a. Now assume that the building is owned by Thrasher throughout the construction period and title is transferred to the customer only once the building is fully constructed. Prepare the journal entries required to record the events from 20x5 to 20x7. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet m. 25 points 3-a. Now assume that the building is owned by Thrasher throughout the construction period and title is transferred to the customer only once the building is fully constructed. Prepare the journal entries required to record the events from 20x5 to 20x7. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) eBook View transaction list References Journal entry worksheet Record the construction costs incurred. Note: Enter debits before credits. Date General Journal Debit Credit 20X5 Record entry Clear entry View general journal 3 View transaction list 25 points Journal entry worksheet eBook Record the construction costs incurred. References Note: Enter debits before credits. Date General Journal Debit Credit 20X6 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 5 m. View transaction list 25 points Journal entry worksheet