CPP Construction Company began work on a new building project on January 1, 2025. The project is to be completed by December 31, 2027, for a fixed price of $108 million. The following are the actual costs incurred and estimates of remaining costs to complete the project that were made by CPP's accounting staff. 2025 2026 2027 Actual costs in current $30 million. $45 million. $35 million year Estimated total additional costs to $60 million $45 million $0 complete 1) Prepare journal entries to recognize income for 2025 in two ways. Account debited [Select] CIP [3] Account credited Amount debited. Amount credited [Select] [Select] [1a] [Select] [Select] "In the options below. Construction Y stands for Construction Income as discussed in class. "Millions is omitted. [1a] [Select] 1) Prepare journal entries to recognize income for 2025 in two ways. Account debited [Select] CIP [3] Account credited [Select] [Select] Amount debited Amount credited [Select] [1a] [Select] "In the options below, Construction Y stands for Construction Income as discussed in class. *Millions is omitted. 2) Prepare journal entries to recognize income for 2026 in two ways. Account debited [Select] Account credited [Select] [Select] CIP [Select] 3) What is the balance in CIP after 2026? Answer: [Select] [1a] [Select] Amount debited Amount credited [Select] (5a) [Select] (5a] [Select]