Tiger Construction is awarded a contract to build a baseball stadium in specifications of the new MLB franchise, the Charlotte Queens. The contract price is $350 million. Construction will begin on June 15, 2021, and is expected to be completed by opening day, May 3, 2023. The following table summarizes expected construction costs, billings, and collections from the customer:

 

1. What are the journal entries that Tiger Construction would record in 2021 2022, and 2023 assuming they recognize revenue over time? 

2. "What are the journal entries that tiger construction would record in 2021, 2022, and 2023 assuming they recognize revenue upon completion?"

Contract billings Costs incurred Expected costs to complete Collections from customer 2021 $75 $60 $200 $65 2022 $175 $140 $50 $165 2023 $100 $80 $0 $120