In January 2014, XYZ Inc. began construction on a commercial building for Firm ABC which had a contract price of $2,900,000. The construction is scheduled to be completed in April 2016.

Contract information for all three years is given below at the companys December 31 year-end.

	2014	2015	2016
Contract costs incurred during the year	400,000	1,700,000	600,000
Estimated additional costs to complete	2,300,000	400,000	-
Billings to Firm ABC during the year	350,000	1,650,000	900,000
Cash collection during year	325,000	1,550,000	1,025,000

Using the percentage-of-completion method, fill in the incomplete journal entries for XYZ Inc. Make sure your final answer(s) are accurate to the nearest whole number.

		2014		2015		2016
Date	Account	Debit	Credit	Debit	Credit	Debit	Credit
Dec 2014 to 2016	Construction in progress	???		???		???
	Cash, materials, etc		???		???		???
Dec 2014 to 2016	Accounts receivable	???		???		???
	Billings on constructions contract		???		???		???
	Cash	???		???		???
	Accounts receivable		???		???		???
Dec 2014 to 2016	Construction expense	???		???		???
	Construction in progress (gross profit)	???		???		???
	Revenue from long-term contracts		???		???		???
Dec 2014 to 2016	Billings on construction contract					???
	Construction in progress						???