ACCT 300 Casper Construction Company has a contract to construct a $675,000 bridge at an

Extra Credit#1 (5 points; Due on 10/26/15):Casper Construction Company has a contract to construct a $675,000 bridge at anestimated cost of $600,000. The contract is to start in July 2010, and the bridge is tobe completed in October 2012. The following data pertain to the construction period.Contract priceCost incurred current yearEstimated cost to complete in future years2010$675,000150,000450,0002011$675,000287,400246,0382012$675,000246,0380Billings to customer current yearCash receipts from customer current year135,000112,500360,000262,500180,000300,000Prepare the journal entries for 2010. 2011, and 2012.

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