In 2021, Halifax Inc. commenced work on a $1,200,000, 3-year long-term contract with the Nova Scotia Ministry of Transportation to build a state-of-the-art lighthouse in Cape Breton. This contract is non-cancellable. In 2021, Halifax Inc. incurred costs of $200,000; billed the Nova Scotia Ministry of Transportation a non-refundable amount of $150,000; and collected $100,000. As of December 31, 2021, it is estimated that the future costs to complete the lighthouse is $400,000. Required Using the percentage of completion method, prepare all of Halifax Inc.s 2021 journal entries.