In $2024,$ the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $$10,500,000.$ The road was completed in $2026.$ Information related to the contract is as follows: $202420252026$Cost incurred during the year$ $2,302,000$$ $2,928,000$$ $3,110,000$Estimated costs to complete as of year$-$end$5,538,0002,985,0000$Billings during the year$2,320,0003,500,0004,680,000$Cash collections during the year$2,380,0003,250,0004,870,000$Westgate recognizes revenue over time according to percentage of completion. Prepare all journal entries necessary to reflect the billings, collections, and revenue recognition for all three years. Also, record the entry to close out the CIP and Billings accounts at the end of the contract in $2026.$ Entries for $2024($construction CIP, billings, collections, and revenue recognition$)$AccountsDebitCredit Entries for $2025($construction CIP, billings, collections, and revenue recognition$)$AccountsDebitCredit Entries for $2026($construction CIP, billings, collections, revenue recognition, and closing billings and CIP$)$AccountsDebitCredit