Gary Construction Associates accepted a contract to build an office building on January 2, 2022. The company will complete the contrac within two years. Gary provided the following information related to the revenue, estimated costs, progress billings, and collections over the two-year period (Click the icon to view the contract information.) Requirement Prepare the journal entries for each year to record the contract assuming that Gary uses the completed-contract method (show all supporting computations) Contract price $4,000,000 Actual construction costs incurred during the year Construction costs incurred in prior years Cumulative construction costs incurred to date Estimated costs to complete Estimated total costs Progress billings made during the year Cash collections during the year 2022 $2,625,000$ 0 2,625,000 875,000 3,500,000 2,400,000 2,000,000 2023 900,000 2,625,000 3,525,000 0 3,525,000 1,600,000 2,000,000