P8-11 (similar to) Question Help Martin Brothers Building (MBB) signed a contract for a fixed fee of $66,000 and used the completed-contract method to account for the contract. MBB provided the following information related to the contract. (Click the icon to view the contract information.) Read the requirements. Requirement a. Prepare the journal entries required for each year of the contract. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required, select "No entry required" on the first account line and leave the remaining cells blank.) (a) Begin by recording the construction costs in 2015, if required. Data Table 2015 (a) Account Construction in Progress $ Contract price 66,000 Construction Costs 2015 2016 2017 Actual construction costs incurred during the year $ 20,000 $ 15,000 $ 15,000 Construction costs incurred in prior years 0 $ 20,000 $ 35,000 X Cumulative construction costs incurred to date $ 20,000 $ 35,000 $ 50,000 Requirements Estimated costs to complete $ 2,000 $ 10,000 0 Estimated total costs $ 22,000 $ 45,000 $ 50.000 Progress billings made during the year $ 27,720 $ 25,080 $ 13,200 Cash collections during the year $ 22,000 $ 22,000 $ 22,000 a. Prepare the journal entries required for each year of the contract. b. Prepare the t-accounts for Construction in Progress, Billings on Construction in Progress, and Accounts Receivable. Determine the net asset (liability) for each year of the contract on December 31 C. Print Done Choose from any ? Print Done 14 parts remaining Clear All Check Answer HI 9:42 PM