Consider the journal entry required to record the costs of construction. What type of account is debited?Sonic Construction Company has the following information. PAY ATTENTION TO DATES! Gross contract price of building $120,000,000 $120,000,000 $120,000,000 Estimated total cots at the beginning of the $98,500,000 $88,750,000 $88,750,000 contract Contract start date 1/1/Year 1 Completion date End of Year 3 YEAR 1 YEAR 2 YEAR 3 Costs to date $24,100,000 $45,900,350 $88,750,000 Estimated costs to complete $74,400,000 $42,849,650 $ -0 - Progress billings during the year $26,000,000 $39,850,100 $54,149,900 Cash collected during the year $38,710,000 $36,600,800 $44,689,200What amount of GROSS PROFIT should he recognized in Year 2? 1. Input 1your nurnerioal answer. 2. Do NOT use dollar signs or decimals. 3. Round your answer to the nearest 1whole dollar. 4. Rounding has been considered in the