cost to cost percentage of completion method is used Initial bid and estimate Contract price 5,400 cost to complete 4,800 Year 1 2 3 4 Actual cost this year 2,800 2,200 600 0 Progress billings 2,600 2,100 700 0 Cash received 2,300 1,900 700 600 estimated cost to complete year 1 2,200 2 500 3 0 Cost gross profit recognized each year Prepare a schedule showing revenue Provide journal entries for year 1