2. Journal entries-percentage-of-completion. Construction Company was awarded a contract to construct an interchange at th Dixon junction of U.S. 94 and Highway 30 at a total contract price of $15,000,000. The estimated total costs to complete the project were $12,000,000. Instructions (a) Make the entry to record construction costs of $7,200,000, on construction in process to date. Make the entry to record progress billings of $4,000,000. ake the entry to recognize the profit that can be recognized to date, on a (b) percentage-of-completion basis