ABC construction has the following contract:

Contract price $1,000,000

cost incurred cost to complete

Dec 31, 2017 200,000 600,000

Dec 31, 2018 350,000 250,000

Dec 31, 2019 300,000 ------

850,000

Billings cash received

Dec 31, 2017 250,000 200,000

Dec 31, 2018 400,000 350,000

Dec 31, 2019 350,000 450,000

A. Prepare % of completion schedule for the three(3) years.

B. Prepare journal entries for three(3) years.