1. Ahmed construction began work on a $10,000,000 contracts in 2016 to construct a bridge. During 2016, it incurred cost of $ 2,450,000, billed their customers for $1,350,000, and collected $1,200,000. At December 31, 2016, the estimated cost to complete the construction is $ 4,500,000.

Prepare journal entries by following Cost-recovery method.