Brick Construction Corp. (BCC), a public company, entered into a $3 million contract to construct a home. Management determined that the contract represents a single performance obligation satisfied over time. BCC started work on the project in 2021 and completed work in 2023. BCC has a December 31 year end and uses an input cost method the cost-to-cost approach to determine the stage of completion.

(in $000s)	2021	2022*	2023**
Cumulative costs incurred	550	2,800	2,950
Estimated costs to complete	2,150	100	0
Progress billings during the year	850	1,750	400
Collections during the year	350	2,100	550

*This revised cost data was not known in 2021. **This revised cost data was not known in 2022. Required: a) Prepare all required summary journal entries for each of the 2021, 2022, and 2023 fiscal years for BCC. b) Illustrate how these amounts would be reported on the December 31, 2021, statement of financial position of BCC.