Creative Robotics Inventions Inc. (CRA Inc.) is building a flying personal vehicle for a contract price of $360,000,000. This is estimated to be a three-year project with an estimated cost of $300,000,000. CRA Inc. uses the percentage of completion method of revenue recognition, using the engineering estimates to determine the percentage of work completed. The following is the best available information at the end of each year: ('000) Year 1 Year 2 Year 3 Costs incurred each year 63,000 126,500 143,600 Estimated costs to complete 245,500 173,500 0 Completion estimates 20% 55% 100% Required: Prepare journal entries to recognize income and expenses over the project's life. (10 marks)