buildit corp was contracted to construct a building for 1600000 the contract provided for progress payments buildits accounting year ends 31 december

Required:
1. Give Buildit’s journal entries to record these events. Assume that percentage- of- comple-tion is measured by the ratio of costs incurred to date divided by total estimated con-struction costs.
2. Provide the balances that would appear on the SCI and SFP for this contract for each year.