I really need help on this problem, I am struggling with all of this. And for the journal entries, it wants me to record the construction costs, progress billings, cash collections, and gross profit for each year. This is all using a percentage of completion method.

Nettles Builders Corporation accepted a three-year, $998,000 fixed-fee contract to renovate a parking deck. Nettles uses the percentage-of-completion method and the cost-to-cost method of measuring progress. Information related to the construction contract is presented below (Click the icon to view the contract information.) Contract Information Requirement Prepare the jounal entries required in each year to record the contract. Show all supporting computations. First, compute the percentage-of-completion for each year. (Round the percentages to the nearest hundredth percent 998,000 Contract price Percentage-of-completion Method 2015 2016 2017 2017 2015 2016 348000 878000 906000 926000 Actual (cumulative) costs incurred to date Actual construction costs incurred during the year 348,000 530,000 $ 48,000 802000 43.39 926000 A. Estimated total costs Construction costs incurred in prior years 348,000 0 878,000 96.91 100 348,000 $ Cumulative percent complete Cumulative construction costs incurred to date 878,000 926,000 Estimated costs to complete 454,000 28,000 0 Compute the revenue and gross profit recognized each year of the contract. (Enter 0 for any zero amounts. Enter or a minus sign for a loss.) 906,000 802,000 Estimated total costs S 926,000 106,000S Revenue and Gross Profit Recognition Progress billings made during the year 552,000 340,000 2015 2016 2017 348,000 Cash collections during the year 447,000 203,000 998000 998000 Contract price 998000 100 43.39 96.91 % Percent complete 433032.2 Print Done 967161.8 998000 Cumulative revenue 433032.2 967161 8 Revenue recognized in prior years 433032.2 534129.6 30838.2 Current vear revenue Nettles Builders Corporation accepted a three-year, $998,000 fixed-fee contract to renovate a parking deck. Nettles uses the percentage-of-completion method and the cost-to-cost method of measuring progress. Information related to the construction contract is presented below. (Click the icon to view the contract information.) . Contract Information Requirement Prepare the jounal entries required in each year to record the contract. Show all supporting computations. 43.39 96.911 100 Percent complete 998,000 433032 2 998000 967161.8 Cumulative revenue Contract price 433032 2 967161.8 Revenue recognized in prior years 2015 2016 2017 534129.6 30838.2 433032 2 Current year revenue Actual construction costs incurred during the year 348,000 630,000 $ 48,000 348000 530000 48000 Construction costs incurred in prior years 878,000 0 348,000 Less: Actual costs 85032 2 4129.6 17161.8 348,000 878,000 Cumulative construction costs incurred to date 926,000 Gross profit (loss) recognized in the current year Estimated costs to complete 454,000 28,000 0 Prepare the joumal entries required in 2015 to record the contract. (Record debits first, then credits. Exclude explanations 906,000 106,000 348,000 802,000 552,000 447,000 926.000 Estimated total costs Begin by recording the construction costs in 2015 Progress billings made during the year 340,000 Cash collections during the year $ 203,000 Account 2015 Construction in Progress 348000 Cash, Materials Inventory, Supplies Imventory, etc. 348000 Done Print . Next record the progress billings in 2015. Account 2015 Accounts Receivable 552000 Billings on Construction in Progress 552000 Now record the cash collections in 2015 Account 2015 Cash 447000 Finally record the entry to close the completed contract in 2017 Accounts Receivable 447000 Account 2017 Next record the gross profit in 2015. Review your previous computations. Account 2015 Construction in Progress 36895.47 Construction Costs 85032.2 Revenue on Long-term Contract 121927.67 Now prepare the journal entries required in 2016 to record the contract. (Record debits first, then credits. Exclu Begin by recording the construction costs in 2016. Account 2016 Construction in Progress 530000 Cash, Materials Inventory, Supplies Inventory, etc. 530000 Nettles Builders Corporation accepted a three-year, $998,000 fixed-fee contract to renovate a parking deck. Nettles uses the percentage-of-completion method and the cost-to-cost method of measuring progress. Information related to the construction contract is presented below (Click the icon to view the contract information.) Contract Information Requirement Prepare the jounal entries required in each year to record the contract. Show all supporting computations. First, compute the percentage-of-completion for each year. (Round the percentages to the nearest hundredth percent 998,000 Contract price Percentage-of-completion Method 2015 2016 2017 2017 2015 2016 348000 878000 906000 926000 Actual (cumulative) costs incurred to date Actual construction costs incurred during the year 348,000 530,000 $ 48,000 802000 43.39 926000 A. Estimated total costs Construction costs incurred in prior years 348,000 0 878,000 96.91 100 348,000 $ Cumulative percent complete Cumulative construction costs incurred to date 878,000 926,000 Estimated costs to complete 454,000 28,000 0 Compute the revenue and gross profit recognized each year of the contract. (Enter 0 for any zero amounts. Enter or a minus sign for a loss.) 906,000 802,000 Estimated total costs S 926,000 106,000S Revenue and Gross Profit Recognition Progress billings made during the year 552,000 340,000 2015 2016 2017 348,000 Cash collections during the year 447,000 203,000 998000 998000 Contract price 998000 100 43.39 96.91 % Percent complete 433032.2 Print Done 967161.8 998000 Cumulative revenue 433032.2 967161 8 Revenue recognized in prior years 433032.2 534129.6 30838.2 Current vear revenue Nettles Builders Corporation accepted a three-year, $998,000 fixed-fee contract to renovate a parking deck. Nettles uses the percentage-of-completion method and the cost-to-cost method of measuring progress. Information related to the construction contract is presented below. (Click the icon to view the contract information.) . Contract Information Requirement Prepare the jounal entries required in each year to record the contract. Show all supporting computations. 43.39 96.911 100 Percent complete 998,000 433032 2 998000 967161.8 Cumulative revenue Contract price 433032 2 967161.8 Revenue recognized in prior years 2015 2016 2017 534129.6 30838.2 433032 2 Current year revenue Actual construction costs incurred during the year 348,000 630,000 $ 48,000 348000 530000 48000 Construction costs incurred in prior years 878,000 0 348,000 Less: Actual costs 85032 2 4129.6 17161.8 348,000 878,000 Cumulative construction costs incurred to date 926,000 Gross profit (loss) recognized in the current year Estimated costs to complete 454,000 28,000 0 Prepare the joumal entries required in 2015 to record the contract. (Record debits first, then credits. Exclude explanations 906,000 106,000 348,000 802,000 552,000 447,000 926.000 Estimated total costs Begin by recording the construction costs in 2015 Progress billings made during the year 340,000 Cash collections during the year $ 203,000 Account 2015 Construction in Progress 348000 Cash, Materials Inventory, Supplies Imventory, etc. 348000 Done Print . Next record the progress billings in 2015. Account 2015 Accounts Receivable 552000 Billings on Construction in Progress 552000 Now record the cash collections in 2015 Account 2015 Cash 447000 Finally record the entry to close the completed contract in 2017 Accounts Receivable 447000 Account 2017 Next record the gross profit in 2015. Review your previous computations. Account 2015 Construction in Progress 36895.47 Construction Costs 85032.2 Revenue on Long-term Contract 121927.67 Now prepare the journal entries required in 2016 to record the contract. (Record debits first, then credits. Exclu Begin by recording the construction costs in 2016. Account 2016 Construction in Progress 530000 Cash, Materials Inventory, Supplies Inventory, etc. 530000