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Long-lerm Contract Losses Illustration: Loss on Unprofitable Contract 014 016 Contract price Cost incurred current year Estimated cost to complete $675,000 $675,000 $675,000 287,400 150,000 246,038 in future years Billings to customer current year Cash receipts from customer 450,000 135,000 246,038 360,000 180,000 Current year 112,500 262,500 300,000 c) Prepare the journal entries for 2012, 2013, and 201 assuming the estimated cost to complete at the end of 2013 was $246,038 instead of $170,100