Thrasher Construction Co$.$ was contracted to construct a building for $$1,005,000.$ The building is owned by the customer throughout

the contract period. The contract provides for progress payments. Thrasher's accounting year ends $31$ December. Work began under

the contract on $1$ July $20$X$5,$ and was completed on $30$ September $20$X$7.$ Construction activities are summarized below by year:

$205$ Construction costs incurred during the year, $$185,400$; estimated costs to complete, $$648,900$;

progress billings during the year, $$157,500$; and collections, $$144,200.$

$206$ Construction costs incurred during the year, $$463,500$; estimated costs to complete, $$195,700$;

progress billing during the year, $$393,900$; and collections, $$391,400.$

$207$ Construction costs incurred during the year, $$201,000.$ Because the contract was completed, the

remaining balance was billed and later collected in full per the contract.

Required:

Prepare Thrasher's journal entries to record these events. Assume that percentage of completion is measured by the ratio of costs

incurred to date divided by total estimated construction costs. $($If no entry is required for a transaction$/$event$,$ select $"$No journal

entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole

dollar.$)$