Buildit Corp. was contracted to construct a building for $2,440,000. The contract provided for progress payments. Bulidit's accounting year ends 31 December. Work began under the contract on 1 March 203, and was completed on 30 November 205. Construction activities are summarized below by year: Required: 1. Prepare Buildit's joumal 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 cosss. (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.)