Construction in Process	3,469,094
Billings on Contract		3,500,000
Revenue from Long-term Contract (2019)	3,206,449
Construction Expenses (2019)	2,360,100

Long-term contracts calculate the following and post journal entries The company uses the percentage of completion method for recording long-term contracts. The company has two long-term contracts with details below: Project 1- Downtown Hotel & Shopping Centre Contract price and details are in the excel file. Expected completion date is in 2022 Project 2 Factory & Warehouse Contract price and details are in the excel file. Expected completion date is in 2023 In the Excel spreadsheet, see the tab "Revenue Recognition to perform any necessary calculations. You only need to record the transactions for revenue and expense recognition not billing and not cash collections. Project #1 - Downtown Hotel & Shopping Centre Contract Price $ 12,000,000 Costs incurred in 2020 Estimated total costs to complete $ $ 2,000,000 7,452,000 includes costs incurred in 2020 Other project information Progress Billings: 31-May 31-Aug 30-Nov 575,000 675,000 750,000 Collections 1-Jul 9-Sep 575,000 670,000 Project #2 - Factory & Warehouse Contract Price $ 23,500,000 Costs incurred in 2020 Estimated costs in 2021 Estimated costs in 2022 Estimated costs in 2023 $ $ $ $ 1,469,094 5,560,000 7,500,000 3,500,000 Other project information Progress Billings: 1-Dec 1,500,000 Collections 25-Dec 1,100,000 Long-term contracts calculate the following and post journal entries The company uses the percentage of completion method for recording long-term contracts. The company has two long-term contracts with details below: Project 1- Downtown Hotel & Shopping Centre Contract price and details are in the excel file. Expected completion date is in 2022 Project 2 Factory & Warehouse Contract price and details are in the excel file. Expected completion date is in 2023 In the Excel spreadsheet, see the tab "Revenue Recognition to perform any necessary calculations. You only need to record the transactions for revenue and expense recognition not billing and not cash collections. Project #1 - Downtown Hotel & Shopping Centre Contract Price $ 12,000,000 Costs incurred in 2020 Estimated total costs to complete $ $ 2,000,000 7,452,000 includes costs incurred in 2020 Other project information Progress Billings: 31-May 31-Aug 30-Nov 575,000 675,000 750,000 Collections 1-Jul 9-Sep 575,000 670,000 Project #2 - Factory & Warehouse Contract Price $ 23,500,000 Costs incurred in 2020 Estimated costs in 2021 Estimated costs in 2022 Estimated costs in 2023 $ $ $ $ 1,469,094 5,560,000 7,500,000 3,500,000 Other project information Progress Billings: 1-Dec 1,500,000 Collections 25-Dec 1,100,000