In February 2017, Sheridan Construction signed a contract and commenced construction on a parking garage. The total contract price was $90.9 million, and was expected to be completed in July 2021 at a total estimated cost of $82.9 million. Payment by the customer was to be made in several stages, based on significant events and dates throughout the construction timeline. The customer was to have control over the parking garage and was able to make major changes to the project during the construction process. Sheridans year-end was September 30. By the end of September, 2017, Sheridan had incurred $12,435,000 in costs and had invoiced $10,100,000 in progress billings. $9,100,000 of the progress billings had been collected. By September 30, 2018, Sheridan had incurred $51,415,000 in total costs and had invoiced $45,200,000 in progress billings, including the progress billings in 2017. Of the total billings, $30,400,000 in total had been collected. Also, Sheridan reviewed its cost estimates on the project, and now believed the parking garage would cost $79.1 million in total to complete.

Prepare all journal entries required for the year ended September 30, 2017. Use Accounts Payable for costs incurred to date. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

(To record the 2017 cost of construction)

(To record the 2017 progress billings)

(To record the 2017 cash collections)

(To record the 2017 revenue)

(To record the construction expenses)

Prepare all journal entries required for the year ended September 30, 2018. Use Accounts Payable for costs incurred to date. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

(To record the 2018 cost of construction)

(To record the 2018 progress billings)

(To record the 2018 cash collections)

(To record the 2018 revenue)

(To record the 2018 expenses)