During 2015, Nilsen Company started a construction job with a contract price of $3,200,000. The job was completed in 2017. The following information is available: 2015 2016 2017 Costs incurred to date $ 800,000 $1,650,000 $2,140,000 Estimated costs to complete 1,200,000 550,000 -0- Billings to date 600,000 1,800,000 3,200,000 Collections to date 540,000 1,620,000 2,850,000 Required: a. Prepare all the necessary accounting entries for 2015, 2016 &2017, assuming the percentage-of-completion method is used. b. Prepare all the necessary accounting entries for 2015, 2016 &2017, assuming the cost-recovery method is used.