9. (10 points) Jan Hammer Construction (JHC) is building a commercial building for $200 million at a total cost of $180 million over the next three years. The company uses percentage of completion method to recognize revenue. Below is a summary of the contract: 2016 2017 2018 Costs during year See Below See Below See Below Estimated costs to complete See Below See Below See Below $80,000,00 Progress billings during the year $60,000,000 $60,000,000 Cash collected during the year $65,000,00 $65,000,000 $70,00,000 Record the necessary journal entries to account for the contract in 2016, 2017 and 2018 Costs for the year Estimated Cost to Complete Last Name Begins With 2016 2017 2018 As of end 2016 As of end 2017 As of end 2018 $56,000,00 A-E $73,000,000 $52,450,000 $53,000,000 F- $48,000,00 $88,000,000 $42,200,000 $132,000,00 $42,000,000 K-O $30,000,00 $70,000,000 $80,150,000 $150,000,00 $80,150,000 P-R $52,500,00 $127,500,00 $88,000,000 $40,100,000 $40,500,000 S-Z $49,100,00 $88,600,000 $43,100,000 $119,900,00 $42,300,000 9. (10 points) Jan Hammer Construction (JHC) is building a commercial building for $200 million at a total cost of $180 million over the next three years. The company uses percentage of completion method to recognize revenue. Below is a summary of the contract: 2016 2017 2018 Costs during year See Below See Below See Below Estimated costs to complete See Below See Below See Below $80,000,00 Progress billings during the year $60,000,000 $60,000,000 Cash collected during the year $65,000,00 $65,000,000 $70,00,000 Record the necessary journal entries to account for the contract in 2016, 2017 and 2018 Costs for the year Estimated Cost to Complete Last Name Begins With 2016 2017 2018 As of end 2016 As of end 2017 As of end 2018 $56,000,00 A-E $73,000,000 $52,450,000 $53,000,000 F- $48,000,00 $88,000,000 $42,200,000 $132,000,00 $42,000,000 K-O $30,000,00 $70,000,000 $80,150,000 $150,000,00 $80,150,000 P-R $52,500,00 $127,500,00 $88,000,000 $40,100,000 $40,500,000 S-Z $49,100,00 $88,600,000 $43,100,000 $119,900,00 $42,300,000