Pensacola Building Co. signed a contract to build a road over a period of three years for a price of $600,000. Information relating to the performance of the contract is summarized below: 2016 2017 Construction costs incurred during the year $110,000 $226,000 Estimated costs to complete 330,000 224,000 Billings during the year (all collected in cash) 100,000 290,000 Required: a. Assuming Pensacola satisfies its performance obligation over time, show how Construction in Progress would be disclosed on the balance sheet at December 31, 2016. Assuming Pensacola satisfies its performance obligation over time, prepare all 2017 entries.