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

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