a contract to build a luxury yacht for a At the beginning o customer that is expected to take three years to complete. The contract price is $4,000,000. Completion is scheduled for the end of 2019. Gordo's year end is December 31. The following is a year by year summary of construction costs incurred and the estimated costs to complete the projects at the end of each year. f 2017 Gordo Yachts enters into 2017 2018 $2,250,000 50,000 3,000,000 2019 775,000 3.000,000 3,775,000 Actual costs incurred current year actual costs incurred prior years Cumulative actual costs incurred to date Estimated costs to complete end of year Total Costs Billings Cash Collections 750,000 750,000 2,250000 3,000,000 $700,000 500,000 750,000 $3,750,000 $2,600,000 2,000,000 $3,775,000 $700,000 1,500,000 Prepare all necessary entries for 2017 as suming the use of the percentage-of-completion method: Debit General Journal Credit