Concord Construction Company uses the percentage-of-completion method of accounting. In 2020, Concord began work under contract #E2-D2, which provided for a contract price of $2,195,000. Other details follow: 2020 2021 Costs incurred during the year $695,310 $1,404,000 Estimated costs to complete, as of December 31 921,690 -0- Billings during the year 426,000 2,195,000 Collections during the year 352,000 1,475,000 Question 6 of 9 0.67/1 Prepare a complete set of journal entries for 2020 (using the percentage-of-completion method). (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 tim enter O for the amounts. For costs incurred use account Materials, Cash, Payables.) Account Titles and Explanation Construction in Process Debit Credit Materials, Cash, Payables (To record cost of of construction.) Accounts Receivable Billings on Construction in Process (To record progress billings.) Cash Accounts Receivable (To record collections.) Construction in Process Construction in Process Materials, Cash, Payables (To record cost of of construction.) Accounts Receivable Billings on Construction in Process (To record progress billings.) Cash Accounts Receivable (To record collections.) Construction in Process. Construction Expenses Revenue from Long-Term Contracts (To recognize revenue.)