Enron INC. is constructing a classroom building for a university for a total price of $87,000,000. The revenue for this single performance obligation is recognized over time. Construction began on 1/2/17 and will complete in late 2019. Cost to date Estimated cost to complete Billed to date Collected to date As of December, 31 | 2017 | 2018 21,914,000 55,389,000 59,431,000 31,006,000 24,850,000 53,796,000 21,326,000 53,216,000 As of 12/31/17, Enron Inc reported billings in excess of revenues earned (BIE) of $1,412,567 for this project. Prepare all necessary 2018 journal entries to recognize costs incurred, billings, collections and construction revenues earned. Do not round your calculated percentages