Assume that Sunland Construction Company has a non$-$cancellable contract to construct a $$5,460,000$ bridge at an estimated cost of

$$4,000,000.$ The contract is to start in July $2023,$ and the bridge is to be completed in October $2025.$ The following data pertain to the

construction period. $($Note that, by the end of $2024,$ Sunland has revised the estimated total cost from $$4,000,000$ to $$4,072,000.)$

Assume that progress billings are non$-$refundable. Assume that the company uses the completed$-$contract method.

What would the journal entries be for $2025?($Credit account titles are automatically indented when the amount is entered. Do not indent

manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

$($To record cost of construction$)$

$($To record progress billings$)$

$($To record collections$)$

$($To record revenues$)$