thrasher construction company was contracted to construct a building for 975000 the building is owned by the customer throughout the/

Required:
1. Give hrasher’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.
2. Provide the balances that would be shown on the SCI and SFP for this contract for each year.
3. Now assume that the company uses the completed- contract basis for this construction contract. Prepare the journal entries required to record the events from 20X5 to 20X7. Also calculate the balances that would be shown on the SCI and SFP for this contract for each year.