Thrasher Construction Co$.$ was contracted to construct a bullding for $$995,000.$ 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, $$183,600$; estimated costs to complete, $$642,690$; progress billings during the year, $$156,000$; and collections, $$142,800.$

$206$ Construction costs incurred during the year, $$459,909$; estimated costs to complete, $$193,890$; progress billing during the year, $$399,100$; and collections, $$387,609.$

$207$ Construction costs incurred during the year, $$199,$ e$$B$,$ 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.$)$

Journal entry worksheet

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Record the construction costs incurred.