The following information relates to a long term construction project of the Feldbrand Corporation:

19a

19B

19C

Total

Construction costs

$50,000

$70,000

$ 80,000

$200,000

Billings

40,000

90,000

120,000

250,000

Cash collections

40,000

80,000

130,000

250,000

Estimated completion costs as of year end

140,000

80,000

Assume a contract price of $250,000. Prepare the journal entries and show what a partial balance sheet would look like for each year, under the completed contract method.