Young Tree Construction Company uses the percentage-of-completion method of accounting. In 2017, Young Tree began work under a contract with a contract price of $1,500,000. Other details follow:

	2017	2018
Costs incurred during the year	$980,000	$1,375,000
Estimated costs to complete, as of December 31	420,000	0
Billings during the year	800,000	1,500,000
Collections during the year	250,000	1,500,000

(1) How much revenue should be reported for 2017? Show your computation.

(2) How much revenue should be reported for 2018? Show your computation.

(3) Prepare a complete set of journal entries for 2017 (using percentage-of-completion).