Construction, Inc. had a 3-year project whose contract price was $9,000,000. Construction activities are summarized in the table below. Prepare the necessary journal entries for 2010, 2011, & 2012 using US GAAP. I believe i need a percentage of completion ratio to do my entries for each year but this problem does not provide an estimated total contract cost. I know i need entries to record cost incurred per year, also to record revenue and expense per year, to record customer billings, to record cash received and to record completion and acceptance of the project

12/31/10 12/31/11 12/31/12

Costs to date 2,000,000 5,000,000 8,500,000

Additional costs to complete 4,000,000 3,000,000 -0-

Progress billings to date 3,000,000 6,100,000 9,000,000

Cash collected to date 2,500,000 6,000,000 9,000,000