B. JEFFERSON COMPANY (25 pts) On February 1, 2017, Jefferson Company agreed to construct a building at a contract price of $17,400,000. Jefferson estimated total construction costs would be $12,000,000 and the project would be finished in 2019. Information relating to the costs and billings for this contract is as follows: 12,420,000 26,220,000 2017 2018 2019 Total costs incurred to date $4,500,000 $7,920,000 $13,800,000 Estimated costs to complete 7,500,000 5,280,000 -0- Customer billings to date 6,600,000 12,000,000 17,400,000 Collections to date 6,000,000 10,500,000 16,500,000 Assume that Jefferson uses the percentage-of-completion method for revenue recognition. Prepare all journal entries to record costs, billings, collections, and profit recognition.