Company MM signs a contract on January 1, 2019, to deliver services over 4 years for a total contract price of $8,000,000. The company estimates that costs to complete the contract will be $5,000,000. In 2019, the company incurs costs of $1,500,000 and bills the customer $2,000,000. In 2020, the company incurs additional costs of $1,800,000 and bills the customer $2,000,000. In 2021, the company incurs additional costs of $1,200,000 and bills the customer $2,000,000. In 2022, the company completes the contract incurring additional costs of $500,000.

Prepare the journal entries for 2019, 2020, 2021, and 2022 using the percentage-of-completion method.