Cullumber Construction Company signed a contract commencing in March 2020 to build Murphy Manor, an apartment complex. The total contract price is $61.1 million and is expected to be completed in June 2022 at a cost of $52.7 million. The contract also specifies a series of progress billings at various stages of construction (i.e., a certain percentage on signing, an additional billing on breaking ground, etc). As of December 31, 2020, Cullumber's fiscal year-end, the company had incurred $12.121 million in costs and has invoiced $7,900,000 in progress billings, of which $500,000 has been collected. Prepare all journal entries required for the year ended December 31, 2020, using the percentage-of-completion method. Use Accounts Payable for costs incurred to date. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No Account Titles and Explanation Debit Credit 1. Construction Expenses 12121000 Accounts Payable 12121000 (To record the 2020 cost of construction) 2. Accounts Receivable 7900000 Revenue from Long-Term Contracts 7900000 (To record the 2020 cost of construction) 2. Accounts Receivable 7900000 Revenue from Long-Term Contracts 7900000 (To record the 2020 progress billings) 3. Cash 500000 Accounts Receivable 500000 (To record the 2020 cash collections) 4. Cash (To record the 2020 revenue) Cash (To record the 2020 construction expenses)