1. On 01/01/2022 Dak Co. is contracted to build a new building for Mississippi State University, the contract has a total price of $8,000,000. The estimated total costs to complete the project were $7,200,000. During the first year Dak records construction costs of $3,600,000, and bills State $2,500,000. Record all related entries that Dak Co. will make in 2022 if they are using the percentage-of-completion basis