Ben Construction accepted a three-year, $1,000,000 fixed-fee contract to renovate a parking deck. Kailey uses the percentage of completion method and the cost-to-cost method of measuring progress. Information related to the construction contract follows:

	2022	2023	2024
Actual construction costs incurred during the year	$ 350,000	$ 525,000	$ 50,000
Construction costs incurred in prior years	0	350,000	875,000
Cumulative construction costs incurred to date	350,0000	875,000	925,000
Estimated costs to complete	450,000	25,000	0
Estimated total costs	800,000	900,000	925,000
Progress billings made during the year	500,000	300,000	200,000
Cash collections during the year	400,000	350,000	250,000

Required:

a. Prepare partial balance sheet for 2022 and 2023