Carefree Company has a contract to construct a $675,000 bridge at an estimated cost of $600,000. The contract is to start in July 2016, and the bridge is to be completed in October 2019. The following data pertain to the construction period. 2016 Contract price 2017 $675,000 $675,000 2018 2019 $675,000 $675,000 Cost incurred current year 150,000 151,500 146,000 240,500 Estimated cost to complete in future years 450,000 346,000 249,500 0 Billings to customer current year 105,000 260,000 180,000 130,000 Cash receipts from customer current year 112,500 210,500 200,000 152,000 Prepare the journal entries for 2016, 2017, 2018, and 2019. (Round up percentages to whole numbers, e.g., round up 42.55% to 43%) Use Percentage of Completion method.