Response to the following problem:
Sad construction company uses the percentage of completion method when total construction costs can be estimated. Sad is building an office building for porter company for $10,000,000 cost
12/31/2014 12/31/2015 12/31/2016
Cost incurred to date $2,000,000 $3,500,000 $6,500,000
Estimated costs to complete $6,000,000 $4,500,000 $1,500,000
Billings to date $6,000,000 $8,000,000 $10,000,000
Collections to date $3,000,000 $5,500,000 $10,000,000
Prepare all journal entries for 2014 that sad should make for this work.
Pprepare all journal entries for 2015 that sad should make for this work.