Casper Construction Company has a contract to construct a $960,000 building at an estimated cost of $820,000. The contract starts on May 1, 2020, earn $140,000 profit on the contract and the building is to be completed in October 2022. The following data pertain to the construction period. Assume that Casper uses percentage completion method to recognize revenue from long term construction projects and determines the percentage of completion cost-to-cost basis. Casper's fiscal year-end is December 31. Year 2020 2021 $319,000 2022 $215,800 $295,200 Cost incurred current year Estimated costs to complete in future years $524,800 $215,800 $0 Billings to customer current year $280,000 $315,000 $365,000 Cash receipts from customer current year $264,000 $300,000 $396,000 The percentage of completion for 2020, 2021 and 2022 is as follows. 2022 Year 2020 36.00% 2021 74.00% 100.00% % of completion 25. What entry should Casper Construction Company make to record the cost incurred for the project for Year 2020? $295,200/Cr. Construction in Process $295,200 Dr. Materials, Cash, etc. Dr. Cash $264,000/ Cr. Accounts Receivable $264,000 Dr. Billings on Construction in Process $295,200/Cr. Accounts Receivable $295,200 $295,200/ Cr. Materials, Cash, etc. $295,200 Dr. Construction in Process