Dixon Construction Company was awarded a contract to construct an interchange at the junction of U.S. 94 and Highway 30 at a total contract price of $11,300,000. The estimated total costs to complete the project were $8,300,000.

(a) Make the entry to record construction costs of $4,399,000, on construction in process to date.

(b) Make the entry to record progress billings of $2,930,000.

(c) Make the entry to recognize the profit that can be recognized to date, on a percentage-of-completion basis.