Costs incurred to date** $280,000 $600,000 $785,000

Estimated costs yet to be incurred 520,000 200,000 0

Customer billings to date** 250,000 500,000 1,200,000

Collections of billings to date** 120,000 320,000 1,040,000

You have to figure out the actual cost, billings, and collections for each respective year. The reason why, is because the information presented is %u201Cto date%u201D not %u201CCosts expended this year%u201D as in the handouts and some of your assigned exercises/problems. Using the percentage-of-completion method compute the following: 1- Percent complete for 2010 and 2011. 2- Revenue recognized for 2010 and 2011. 3- Gross Profit recognized for 2010 and 2011. 4- Prepare the journal entries for 2011.

I have the first part figured out, I just need help on the journal entries.