You are constructing a building for a client who is in control of the asset during the term of the contract. So as a brilliant accountant you already know, since the client controls the asset during the project, you need to use the percentage completion method to recognize revenue for this project. The contract is worth $10,847,600. Other items of interest Estimated Costs = $8,769,200

Actual costs for 2015 and 2016 were perfectly estimated

Someone underestimated costs for 2017 by $146,800

Year	Construction Costs ($)	Billing the customer ($)
2015	2,674,800	2,278,500
2016	4,458,000	4,854,200
2017	1,783,200	3,714,900

Now assume the client did not maintain control of the asset during construction.

Prepare the journal entries for revenue recognition for 2017 ONLY!