Carla Vista Enterprises Ltd$.$ has entered into a contract beginning in February $2023$ to build two warehouses for Pharoah Structures Ltd$.$ The contract is a non$-$cancellable fixed$-$price contract for $$10\mathrm{.}2$ million. The following data pertain to the construction period$\mathrm{.}202320242025$ Costs for the year Account Titles and Explanation

Debit

Credit

$$4,095,000$

$($To record cost of construction$)$

Accounts Receivable $$

$($To record progress billings$)$

$$

Accounts Receivable

$($To record collections$)$

Construction in Process

$$

$($To record revenues$)$

Construction Expenses

$q,$

$($To record construction expenses$)$$$4,095,0005,005,000800,000$Estimated costs to complete$5,005,000900\mathrm{.}000-0-$Progress billings for the year $($non$-$refundable$)3,770,0004,430\mathrm{.}0002,000,000$Cash collected for the year$3,325,0004,480\mathrm{.}0002,395,000$