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 2017 20182019 S675,000 $675,000$675,000 $675,000 Contract price Cost incurred current year Estimated cost to complete in future years 450,000 346,000 249,500 Billings to customer current year Cash receipts from customer current year112,500210,500200,000 150,000 151,500 146,000 249,500 105,000 260,000 180,000 130,000 152,000 Prepare the journal entries for 2016, 2017,2018, and 2019