During 2020, Wildhorse Company started a construction job with a contract price of $1,610,000. The job was completed in 2022. The following information is available. Costs incurred to date Estimated costs to complete 2020 2021 2022 $383,800 $905,280 $1,063,000 626,200 198,720 302,000 896,000 1,610,000 271,000 817.000 1.419.000 Billings to date Collections to date 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 for the amounts. For costs incurred use account Materials, Cash, Payables.) Account Titles and Explanation Debit Credit Construction in Process 383800 Materials, Cash, Payables 383800 (To record cost of construction) Accounts Receivable 302000 Billings on Construction in Process 302000 (To record progress billings.) Cash Accounts Receivable 271000 (To record collections.) Construction in Process Construction Expenses 383800 Revenue from Long-Term Contracts (To recognize revenue.)