At times, Holiday takes on long term projects for theme parks. During 2016, Holiday took on 4-year, long term project for Christmas Land, a destination theme park in Fargo, North Dakota. The total estimated cost of the project was $8,000,000 and the contract was for $9,850,000. The detail of the project to date is as follows: Note: the 2016 entries are already reflected in the 2016 trial balance but none of the 2017 entries have been recorded.

2016: Costs Incurred $3,500,000

Estimated Costs to Complete $6,500,000

Billings $2,800,000

Customer Receipts $1,980,000

2017: Costs Incurred $2,750,000

Estimated Costs to Complete $3,875,000

Billings $2,010,000

prepare appropriate analysis and journal entries