Assume Larry's Manufacturing was contracted to build a 5 story building for $2,250,000. The project began in 2016 and was completed in 2017. Data relating to the contract are summarized below:

		2016			2017
Costs incurred during the year		$320,000			$1,720,000
Estimated costs to complete as of 12/31		1,280,000			0
Billings during the year		405,000			1,670,000
Cash collections during the year		260,000			1,775,000

Required:

1.	Compute the template and journal entries for 2016 and 2017.