Central Iowa Builders Inc. entered into a contract to construct an office building and plaza at a contract price of $10,000,000. Income is to be reported using the percentage-of-completion method as determined by estimates made by the architect. The data below summarize the activities on the construction for the years 2007–2009. For the years 2007–2009, what entries are required to record this information, assuming the architect's estimate of the percentage completed is used to determine revenue (proportional costapproach)?

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Actual Cost Estimated Cost Percentage Completed Project Collections Incurred to Complete Architect's Estimate Blngs on Billings Year 73.200.000 4.300,000 1,550,000 25% 75 100 200 2008 2009 $6,000,000 1,600,000 $3,300,000 $3,100,000 2,700,000 4,200,000 4,500,000 2,200,000