Star Construction Corp. has a contract to construct a building for $$10,911,500.$ The building is controlled by the customer throughout

the term of the contract. Total costs to complete the building were originally estimated at $$8,842,100.$ Construction commenced on $4$

February $20$ xx$5.$ Actual costs were in line with estimated costs for $20$ xx$5$ and $20$ xx$6.$ In $20$X$7,$ actual costs exceeded estimated costs by

$$127,900.$

Total construction costs incurred in each year were as follows:

Billings $($and cash collections$)$ each year were as follows:

Required:

Calculate the revenues and gross profit for the construction project for each of the three years assuming the company uses inputs to

measure progress. $($Round intermediate calculations to $2$ decimal places. Round final answers to nearest whole dollars.$)$

Prepare the journal entries for revenue recognition for each year and for contract completion in $20$ xx$7.($If no entry is required for a

transaction$/$event$,$ select $"$No journal entry required" in the first account field. Percentages are rounded to two decimal places.$)$

$2$a$.$Journal entry worksheet

Record the costs of construction.

Note: Enter debits before credits.

$2$b$.$ Journal entry worksheet

Record the costs of construction.

Note: Enter debits before credits.

$2$c$.$ Journal entry worksheet

Record the costs of construction.

Note: Enter debits before credits.

$3.$ Prepare the journal entries for revenue recognition for each year and for contract completion in $20$ xx$7,$ if the customer did not take

control of the asset until the building was fully constructed and title transferred. $($If no entry is required for a transaction$/$event$,$ select

$"$No journal entry required" in the first account field. Percentages are rounded to two decimal places.$)$

$3$a$.$ Journal entry worksheet

Record the costs of construction.

Note: Enter debits before credits.