On June 1, 2015, bids were submitted for a construction project to build a new municipal building and fire station. The lowest bid was $5,000,000, submitted by the Shannon Construction Company. Shannon was awarded the contract. Shannon uses the completed-contract method to report gross profit. The following data are given to summarize the activities on this contract for 2015 and 2016. Give the entries to record these transactions using the completed-contract method.

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Estimated Cost ncurred to Complete Contract Cost Billings on Collections of Billings Year 2290000 2,900,000 3,200,000