Blossom Construction Company uses the percentage-of-completion method of accounting. In 2020, Blossom began work under a non-cancellable contract #E2-D2, which provided for a contract price of $2,223,000. Other details follow: 2020 2021 $694,450 $1,423,000 920,550 Costs incurred during the year Estimated costs to complete, as at December 31 Billings during the year (non-refundable) Collections during the year 424,000 2,016,000 347,000 1.484,000 Prepare a complete set of journal entries for 2020. (using the percentage-of-completion method. Use Materials, Cash, Payables for costs incurred to date. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit 694450 Materials, Cash, Payables 694450 (To record cost of construction) Accounts Receivable 424000 424000 (To record progress billings) Cash 347000 Accounts Receivable 347000 11 NA NA NA (To record collections) TO DO DO 955890 Revenue from Long-Term Contracts 955890 (To record revenues) Construction Expenses (To record construction expenses)