I need answer for question 2

% of completion method (10 marks) Thrasher Construction Co. was contracted to construct a building for $1,015,000. The building is owned by the customer throughout the contract period. The contract provides for progress payments. Thrasher's accounting year ends 31 December. Work began under the contract on 1 July 20X5, and was completed on 30 September 20x7. Construction activities are summarized below by year 20x5 Construction conta incurred during the year, $167,200) estimated costs to complete, $655,2001 progress billings during the year, $159,000; and collections, $145,600. 20x6 Construction costs incurred during the year, $468,000; estimated costs to complete, $197,600) progress billing during the year. $397,700) and collection, $395,200. 20X7 Construction couts incurred during the year, $203,000. Because the contract war completed, the remaining balance was billed and later collected in full per the contract. Required: 1. Prepare Thrasher's Journal entries to record these events. Assume that percentage of completion is measured by the ratio of costs incurred to date divided by total estimated construction costs. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 20X5 Contract costs Cash 187,200 187,200 2 20X5 Accounts receivable Contract liability 159,000 159,000 3 20X5 Cash Accounts receivable 145,600 145,600 4 20X5 Contract asset Contract liability Revenue - Construction 66,556 159,000 225,556 5 20X5 Construction costs Contract costs 187,200 187,200 View transaction list View journal entry worksheet No Dato General Journal Credit Debit 468,000 1 20X6 Contract costs Cash 468,000 2 20X6 397,700 Accounts receivable Contract liability 397,700 3 20X6 395,200 Cash Accounts receivable 395,200 4 20X6 Contract asset Contract liability Revenue - Construction 156,561 397,700 554,261 5 20X6 468,000 Construction costs Contract costs 468,000 View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 20X7 Contract costs Cash 203,000 203,000 N 20X7 Accounts receivable Contract liability 458,300 458,300 3 20X7 Cas Accounts receivable 474,200 474,200 4 20X7 458,300 Contract lability Contract assot Revenue - Construction 223, 117 235,183 5 20x7 Construction costs Contract costs 203,000 203,000 2. Provide the balances that would be shown on the SCI and SFP for this contract for each year. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) 20X5 20X6 20X7 $ Statement of Financial Position: Current assets Accounts receivable Contract asset Income Statement: Income on construction (net) 13.400 $ 66,556 15,900 223, 1171 s 38,356 $ 86,261 $ 32.183