Pinetree Builders has the following data for its Rolling Hills Construction Project. The contract price of the project is $18,000,000. Complete the following table with the required information using the percentage of completion method.

	2016	2017	2018
Costs incurred to date	$4,500,000	$10,500,000	$15,500,000
Estimated costs to complete	10,500,000	2,625,000
Billings during the year	6,600,000	8,400,000	3,000,000
Cash collections during the year	6,000,000	6,000,000	6,000,000
Estimated total costs
Estimated total profit
Percentage of Completion
Revenue Recognized in each year
Profit recognized in each year
Current Asset
Current Liabilities

Required

1. Enter the appropriate amounts in the shaded cells above.

2. Prepare the required journal entries for 2016, 2017 and 2018.

Date	Accounts Title and Explanation	Ref.	Debit	Credit