Flynn Construction Company signed a contract on June 15, 2019 to construct an office building. The contract price for the building is $6,500,000. Construction started in June 2019 and was completed in late 2020. The company has a December 31 year end. Information for the contract is as follows: Costs incurred during the year Estimated costs to complete as of December 31 Billings during the year Collections during the year 2019 $2,400,000 2,600,000 2,950,000 2,500,000 2020 $3,000,000 0 3,550,000 3,700,000 Assume that Flynn uses the percentage-of-completion method of accounting for long term contracts. Required: Prepare the journal entries to record the transactions in 2020 assuming that Flynn Construction follows IFRS. Space is provided below for calculations and a general journal is provided for journal entries. Dates are not required for journal entries