prepare the journal entries for revenue recognition and for contract completion for 2015

Star Construction Corp. has a contract to construct a building for $11,013,900. The building is controlled by the customer throughout the term of the contract. Total costs to complete the building were originally estimated at $8,922,900. Construction commenced on 4 February 20x5. Actual costs were in line with estimated costs for 20x5 and 20X6. In 20X7, actual costs exceeded estimated costs by $131,100. Total construction costs incurred in each year were as follows: 20X5 20X6 20X7 $2,716,200 $4,527,000 $1,810,800 Billings each year were as follows 20X5 20X6 20X7 $ 2,313,500 $ 4,928,800 $3,771,600 Required 1. Calculate the revenues and gross profit for the construction project for each of the three years assuming the company uses inputs to measure progress. (Round intermediate calculations to 2 decimal places. Round final answers to nearest whole dollars.) Year 20x5 20X6 20X7 Total Revenue Gross Profit Journal entry worksheet 2 4 Record the costs of construction. Note: Enter debits before credits. Date General Journal Debit Credit 20X5 Record entry Clear entry View general journal Journal entry worksheet 2 4 Record the progress billings. Note: Enter debits before credits Date General Journal Debit Credit 20X5 Record entry Clear entry View general journal Journal entry worksheet 4 Record the recognize revenue for performance completed to date. Note: Enter debits before credits. Date General Journal Debit Credit 20X5 Record entry Clear entry View general journal Journal entry worksheet 4 Record the recognize costs related to revenue recognized to date. Note: Enter debits before credits. Date General Journal Debit Credit 20X5 Record entry Clear entry View general journal