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Fortuna Construction Company began work on a new building project on January 1, 2017. The project is to be completed by December 31, 2019, for

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Fortuna Construction Company began work on a new building project on January 1, 2017. The project is to be completed by December 31, 2019, for a fixed price of $141 million. The following are the actual costs incurred and estimates of remaining costs to complete the project that were made by Fortuna's accounting staff: Actual costs incurred in each year $40 million $50 million $55 million Estimated remaining costs to complete the Project $80 million $60 million $0 2017 2018 2019 Required: Provide the journal entries to recognize revenue for each year assuming that Fortuna recognizes revenue for this project over time according to percentage of completion

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