In 2023, Sheridan Contractors began construction on an office building. The building was expected to cost $45,510,000 in total and was expected to be completed in early 2025 . The customer was to pay Sheridan $48,560,000 for the building. Sheridan was able to use percentage-of-completion accounting for the project, and at the end of 2023 had accumulated $11,377,500 in cost. Sheridan estimated that the costs to complete the construction were in line with the original expected total costs. During 2024, there was a lumber shortage, a strike by construction workers, and various other incidents that dramatically raised costs in the construction industry. As a result, at the end of 2024, Sheridan estimated that the office building would cost an additional $4,990,000 more than originally estimated. To the end of 2024 , Sheridan had spent $38,380,000 on constructing the office building. (a1) Your answer is correct. Calculate the revenue to be recognized by Sheridan for the 2024 fiscal year. Revenue to be recognized $ Prepare the journal entry to record revenue, construction expenses. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)