The company signed a $1,500,000 contract to build an environmentally friendly access trail to Stansbury Peak. The project was expected to take approximately three years. The following information was collected for each year of the project'Year 1, Year 2, and Year 3:

The company uses the percentage-of-completion method of computing revenue from long-term construction contracts, and the company employs the cost-to-cost method to estimate the percentage of completion. Make the journal entries to record revenue and cost for the construction project in
(1) Year 1,
(2) Year 2, and
(3) Year3.

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Cost Expended during the Year Expected Additional Cost to Completion Year I Year 2.... Year 3 $200,000 350,000 900,000 $1.150,000 1020,000