Data: Contract price: $4,500,000 Start date: July, 2004 Estimated cost: $4,000,000 Finish: October, 2006 Balance sheet date: December 31 Given: 2004 Costs to date $1,000,000 Estimated costs to complete $3,000,000 Progress billings during year $900,000 Cash collected during year S 750,000 2005 $2.916,000 $1,640,250 $2,400,000 $1,750,000 2006 $4,556,250 $ -O- $1,200,000 $2,000,000 Record the necessary journal entries to record the margin or loss for the year 2005 under both the percentage of completion method, and the completed-contact method. e) Explain when a journal entry is required during the execution of the contract under the completed contract method for accounting for long term contract