The Daytona Company is involved in a three-year long-term contract. The following data relate to this contract: 2010 2011 2012 Total Contract price $160,000 Cost incurred each year $24,000 $24,000 $ 56,000 104,000 Cost incurred to date 24,000 48,000 104,000 Estimated cost to complete 96,000 48,000 0 Partial billings each year 12,000 48,000 100,000 Cash collected from billings 8,000 52,000 100,000 Prepare the journal entries to reflect the percentage-of-completion method for 2011: 18 points a. Construction costs for the year. b. Partial billings. c. Cash collections