1. Record the entry for costs incurred during the year 2017.
2. Record the entry for billings during the year 2017.
3. Record the entry for cash collection during the year 2017.
4. Record the entry for costs incurred during the year 2018
5. Record the entry for billings during the year 2018.
6. Record the entry for cash collection during the year 2018.
7. Record the entry for revenue from long-term contracts.
8. Record the entry for billings on construction contract

Required information [The following information applies to the questions displayed below.] Hogan Family Construction has been contracted to build an elementary school for $1,860,000. The project began in Year 1 and completed in Year 2. Cost and other data are presented below: Year 1 Year 2 Costs incurred during the year $ 432,000 $1, 160, 000 Estimated costs to complete 1, 008, 000 Billings during the year 430 , 000 1, 430, 000 Cash collections during the year 330 , 000 1, 530 , 000 Assume that Hogan Family Construction recognizes revenue upon completion of the project. Required: Prepare all journal entries to record costs, billings, collections, and profit recognition. (If no entry is required for a transaction/event, elect "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 Record the entry for costs incurred during the year 2017. Note: Enter debits before credits. Date General Journal Debit Credit Year 1