Rose Limited signed a contract with Lily Limited to build an office complex for Rose Limited. The construction contract is estimated to complete within three years. Below are estimated contraction costs and payments. Assume that actual costs and cash collections coincided with expectations. Lily Limited accounted for this construction contract in accordance with NZ IFRS 15 Revenue from Contracts with Customers. Year Estimated construction costs ($million) Estimated contract payments ($million) 1 80 120 2 100 150 3 70 130 250 400 Required: Provide the relevant journal entries with narrations to account for this construction contract in the accounting book of Lily Limited for each financial year