Refer to Practice 8-10 and Practice 8-13. Assume that the company uses the percentage-of- completion method and

Question:

Refer to Practice 8-10 and Practice 8-13. Assume that the company uses the percentage-of- completion method and uses a cost-to-cost approach in estimating the percentage of completion. Make the journal entries to record revenue and cost for the construction project in
(1) Year 1,
(2) Year 2, and
(3) Year 3.