Company AA signs a contract on January 1, 2021, to deliver services over 5 years for a total contract price of $10,000,000. The company estimates that costs to complete the contract will be $6,000,000. In 2021, the company incurs costs of $1,500,000 and bills the customer $2,000,000. In 2022, the company incurs additional costs of $1,800,000 and bills the customer $2,500,000. In 2023, the company incurs additional costs of $2,200,000 and bills the customer $2,500,000. In 2024, the company incurs additional costs of $500,000 and bills the customer $3,000,000. In 2025, the company completes the contract incurring additional costs of $1,000,000.

Prepare the journal entries for 2021, 2022, 2023, 2024, and 2025 using the percentage-of-completion method.