During 2020, Carla Company started a construction job with a contract price of $1,580,000. The job was completed in 2022. The following information is available.

Prepare all necessary journal entries for 2021. (Credit account titles are automatically indented when 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. For costs incurred use account Materials, Cash, Payables.) Account Titles and Explanation Debit Credit Construction in Process 366500 Cash 366500 (To record cost of construction.) Accounts Receivable 900000 Billings on Construction in Process 900000 (To record progress billings.) Cash Accounts Receivable (To record collections.) Construction Expenses 366500 Construction in Process 90100 Revenue from Long-Term Contracts 246400 (To recognize revenue.) Prepare all necessary journal entries for 2021. (Credit account titles are automatically indented when 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. For costs incurred use account Materials, Cash, Payables.) Account Titles and Explanation Debit Credit Construction in Process 366500 Cash 366500 (To record cost of construction.) Accounts Receivable 900000 Billings on Construction in Process 900000 (To record progress billings.) Cash Accounts Receivable (To record collections.) Construction Expenses 366500 Construction in Process 90100 Revenue from Long-Term Contracts 246400 (To recognize revenue.)