Fender Construction Company receives a contract to construct a building over a period of 3 years for a price of $ 700,000. The contract represents a single performance obligation that will be satisfied over time. Information relating to the performance of the contract is summarized as follows:

Required:
1. Prepare journal entries for all 3 years.
2. Assume that the contract represents a single performance obligation that will be satisfied at a point in time. Prepare journal entries for all 3 years.

2017 2018 2019 Construction coss incurred during the year Estimated costs to complete Billings during the year Collections during the year 50,000 $242,000 $168,000 350,000 120,000 100,000 168,000 250,000 260,000 330,000 340,000