PREFAB Construction Ltd uses the percentage-of-completion method to account for its construction contracts. On 1 July 20x4, PREFAB was contracted to construct a hall of residence for 11 Singapore Polytechnic students along Dover Drive. At that time, PREFAB estimated that it would take three years to complete the project. The total contract price for construction of the building was fixed at $5,300,000. The following details relate to the project: 20x4 $ 000 20x5 $ 000 20x6 S 000 5,100 Accumulated construction costs incurred Estimated cost to completion Accumulated billings Accumulated cash collected 1,224 3,876 1,700 1,500 3,000 2.100 2,600 2,000 5,300 3,800 The above costings relates to fulfilling the contract and should be capitalised. PREFAB closes its books on 31 December. Required: (a) Calculate the estimated profit at 31 December 20x4, 20x5 and 20x6. (Round off all computations to the nearest dollar.) (b) Journal entries to effect the transactions for the year ended 31 December 20x4