Hardhat Construction Company has a contract to construct a $$4,500,000$ bridge at an estimated cost of $$4,000,000.$ The contract will start in July $2014,$ and the bridge will be completed in October $2016.$ The following data pertain to the construction period.

Record the journal entries for $2014,2015,$ and $2016$ using the percentage of completion method for the following:

Accounts Payable $(15$ points: $5$ points for each year$)$

Accounts Receivable $(15$ points$)$

Cash $(15$ points$)$

CIP