Smitty's Company is involved in a three-year long-term contract. The following data relate to this contract:
	2014	2015	2016	Total
Contract Price				$ 200,000
Costs incurred each year	$ 24,000	$ 56,000	$ 30,000	$ 110,000
Costs incurred to date	$ 24,000	$ 80,000	$ 110,000
Estimated cost to complete	$ 96,000	$ 40,000	$ -
Partial billings each year	$ 50,000	$ 112,000	$ 38,000
Cash collected from billings	$ 35,000	$ 120,000	$ 45,000
Prepare the journal entries for each of the following assuming Smitty's Company satisfies its performance obligation.