Thrasher Construction Co. was contracted to construct a building for $955,000. 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 20X5, and was completed on 30 September 20x7. Construction activities are summarized below by year: 20X5Construction costs incurred during the year. $175,900: estimated costs to complete, $615,700: progress billings during the year. $149.300; and collections, $136,800. 20X6Construction costs incurred during the year, $439,700; estimated costs to complete, $185,700: progress billing during the year. $373,600; and collections, $371,400 20X7 Construction costs incurred during the year, $191,000. Because the contract was completed, the remaining balance was billed and later collected in full per the contract View transaction list Journal entry worksheet 1 2 3 4 5 Record the construction costs incurred. Note: Enter debits before credits. General Journal Debit Credit Date 20X5 Record entry Clear entry Viow goneral journal View transaction list Journal entry worksheet