Only Do Practice 8-10 Practice 8-10 LO4 Basic Construction Journal Entries Refer to Practice 8-7. In addition to the percentage-of-completion information, the follow- ing information is available regarding billing and cash collection for the project: Progress billings Cash collections Year 1 Year 2 Year 3 $200,000 $200,000 $480,000 180,000 170,000 530,000 Make the journal entries necessary to record the construction cost, the progress billings, and the cash collections in (1) Year 1, (2) Year 2, and (3) Year 3.