Curtiss Construction Company, Inc. entered into a fixed$-$price contract with Stewart Associates on July $1,2019,$ to construct a four$-$story office building. At that time, Curtiss estimated it would take between two and three years to complete the project. The total contract price for construction of the building is $$5,000,000.$ The building was completed on December $31,2021.$ Information related to the construction is as follows:

At $12/31/19$ At $12/31/20$ At $12/31/21$

Costs incurred to date $$350,000$ $$2,500,000$ $$4,250,000$

Estimated costs to complete $3,150,0001,700,0000$

Billings to Stewart $700,0002,200,0002,100,000$

Required:

$1.$ Prepare entries to record construction costs and billings for each year

$2.$ Assume the percentage of completion method is used. For each year, prepare the entry to record revenue and expenses. Be sure to show all work for this part.

$3.$ Assume the cost recovery method is used. For each year, prepare the entry to record revenue and expenses. Be sure to show all work for this part.