At the Beginning of 2017 Premier Yachts Enters into a Contract

At the beginning of 2017 Premier Yachts enters into a contract to build a luxury yacht for a customer that is expected to take three years to complete. The contract price is $12,000,000. Completion is scheduled for the end of 2019. Premier's year end is December 31. The following is a year by year summary of construction costs incurred and the estimated costs to complete the projects at the end of each year.
$\begin{array}{lrrr}&\underline{2017}&\underline{2018}&\underline{2019}\\\text { Actual costs incurred }\\\text { current year } & \$ 2,250,000 & \$ 6,750,000 & \$ 2,325,000 \\\begin{array}{l}\text { Actual costs incurred } \\\text { Prior years }\end{array} & \underline{-0-} & \underline{2,250,000} & \underline{9,000,000} \\\text { Cumulative actual costs } & & & \\\text {incurred to date } & 2,250,000 & 9,000,000 & 11,325,000 \\\text { Estimated costs to } & & & \\\text { complete end of year } & \underline{6,750,000} & \underline{2,250,000} & \underline{\quad-0-} \\\text { Total Costs } & \$ 9,000,000 & \$ 11,250,000 & \$ 11,325,000 \\\text { Billings } & \$ 2,100,000 & \$ 7,800,000 & \$ 2,100,000 \\\text { Cash Collections } & 1,500,000 & 6,000,000 & 4,500,000\end{array}$

Required: Prepare the entries under the completed-contract method for 2019