3 5 points Saved In the year 2019, the American Plunge Construction Company entered into a contract to construct a road for Sedgwick County for $15,000,000. The road was completed in 2021. Information related to the contract is as follows: Costs incurred during the year 2019 2020 2021 $4,000,000 $4,800,000 $4,200,000 Estimated costs to complete as of year-end $8,000,000 $4,000,000 $ Billings during the year $3,500,000 $5,000,000 $6,500,000 Cash collections during the year $2,800,000 $5,600,000 $6,600,000 American Plunge uses the percentage-of-completion method of accounting for long-term construction contracts. The year-end journal entries related to this project for 2020 would include: A debit to Construction in Progress for $4,800,000 A credit to Billings for $3,500,000 OA credit to Costs of Construction for $4,800,000 A debit to Cash for $2.800,000