Instructions Clorad Corp. contracts with a customer to construct a building. It appropriately determines that it has one performance obligation which is satisfied over time. Using the following information for Year 1: Year 1 (of 4-year project): Construction costs incurred during the year $174,000 426,000 Estimated costs to complete the contract Partial billings to customers 100,000 Collections from customers 25,000 Total contract price 1,000,000 Required: Prepare the journal entries to record Year 1's (a) construction costs, (b) partial billings, (C) cash collections, and (d) gross profit. General Journal