Buildit Corp. was contracted to construct a building for $1,900,000. The contract provided for progress payments. Buildits accounting year ends 31 December. Work began under the contract on 1 March 20X3, and was completed on 30 November 20X5. Construction activities are summarized below by year:

20X3	Construction costs incurred during the year, $520,000; estimated costs to complete, $930,000; progress billings during the year, $430,000; and collections, $340,000.
20X4	Construction costs incurred during the year, $800,000; estimated costs to complete, $260,000; progress billing during the year, $1,240,000; and collections, $1,070,000.
20X5	Construction costs incurred during the year, $240,000. Because the contract was completed, the remaining balance was billed and later collected in full per the contract.

Required:

1. Prepare Buildits journal entries to record these events. Assume that percentage of completion is measured by the ratio of costs incurred to date divided by total estimated construction costs. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Enter answer in thousands, not in million or in whole Canadian dollars.)

2. Provide the balances that would appear on the income statement and balance sheet for this contract for each year. (Negative amounts should be indicated by a minus sign.)