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On February 1, 2014, Miley Contractors agreed to construct a building at a contract price of $5,000,000. Miley estimated total construction costs would be $4,000,000

On February 1, 2014, Miley Contractors agreed to construct a building at a contract price of $5,000,000. Miley estimated total construction costs would be $4,000,000 and the project would be finished in 2015. Information relating to the costs and billings for this contract is as follows:

2014 2015 2016

Total costs incurred to date

1,500,000 2,640,000 4,600,000

Estimated costs to complete

2,500,000 1,760,000 0

Customer billings to date

2,200,000 4,000,000 5,600,000

Collections to date

2,000,000 3,500,000 5,500,000

Complete journal entries for percentage of completion accounting for 2014, 2015, 2016.

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