Southland Construction. has entered into a three year contract to construct an office plaza for Northville Company for $300,000,000. Southland agrees to bill Northville 50% at the end of the first year, 30% at the end of the second year, and 20% at the end of the third year. At the end of year 1, Southland estimates it has completed 35% of the building and has incurred $55 million in construction costs. Requried:
What is the correct entry to record billings for Southland Construction?