Raider Red Construction entered into a contract to build a commercial building for $3,600,000. Raider Red Construction uses the percentage-of-completion method for recognizing revenue on the project. Construction began in September of 2018 and the building was completed in June of 2020. The company provided the following additional information on the project.

	2018	2019	2020
Costs incurred to date	$ 725,000	$ 2,100,000	$ 3,400,000
Estimated costs to complete	$ 2,175,000	$ 1,400,000	$ -
Billings during the year	$ 800,000	$ 1,650,000	$ 1,150,000
Cash collected during the year	$ 450,000	$ 1,900,000	$ 1,200,000

Instructions:

(1.) Prepare the journal entries for the balance sheet in each year of the project.