PROBLEM 1. In 2014, Charlotte Engineering entered into an agreement to construct an office building at a contract price of $5,100,000. Construction data were as follows: 2015 2016 630,000 2014 s 750,000 3,000,000 570,000 $2,700,000 862,500 3, 600,000 Construction costs incurred Estimated costs to complete Progress billings Collections from client 930,000 1,350,000 450,000 3, 300,000 Prepare the necessary entries for each year, assuming the firm uses the: (1) completed-contract method (2) percentage-of-completion method