Percentage of Completion Problem: The Nifty Construction Company entered into a long-term contract in 2013. The contract price was $1,600,000, and the company initially estimated the total cost of the project to be $1,150,000. The following data pertains to the three years that the contract was in process: 2013 2014 2015 $224,000 $936,000 $1,280,000 Costs incurred to date Estimated costs to complete Billings to date Collections to date 896,000 264,000 200,0001,200,000 1,600,000 170,000 1,070,000 1,500,00 Using the percentage of completion method, prepare all journal entries for all three years Completed Contract Method information above prepare the journal entries for all three years using the Assuming the same completed contract method