In 2014, Charlotte Engineering entered into an agreement to construct an office building at a contract price of $5,100,00.

Construction data were as follows

2014 2015 2016

Construction 750000 2700000 630000

costs incurred

Estimated cost 3000000 862500 --------

to complete

Progress billings 570000 3600000 930000

collections 450000 3300000 1350000

prepare the necessary entries for each year, assuming the firm uses the:

1. completed contract method

2. percentage of completion method