The Smitty's Company is involved in a three-year long-term contract. The following data relate to this contract:
	2019	2020	2021	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.
2019, 2020, and 2021 Entries
(.) Construction costs for the year
(.) Partial billings
(.) Cash collections
(.) Gross Profit