In February $2023,$ Carla Vista Construction signed a contract and commenced construction on a parking garage. The total contract price was $$89\mathrm{.}40$ million and was expected to be completed in July $2027$ at a total estimated cost of $$82\mathrm{.}0$ million. Payment by the customer was to be made in several stages, based on significant events and dates throughout the construction timeline. The customer was to have control over the parking garage and was able to make major changes to the project during the construction process. Carla Vista's year$-$end was September $30.$

By the end of September, $2023,$ Carla Vista had incurred $$16,400,000$ in costs and had invoiced $$8,600,000$ in progress billings. $$7,400,000$ of the progress billings had been collected.

By September $30,2024,$ Carla Vista had incurred $$43,450,000$ in total costs and had invoiced $$45,009,000$ in progress billings, including the progress billings in $2023.$ Of the total billings, $$30,100,000$ in total had been collected. Also, Carla Vista reviewed its cost estimates on the project, and now believed the parking garage would cost $$79\mathrm{.}00$ million in total to complete.

Prepare all journal entries required for the year ended September $30,2024.$ Use Materials, Cash, Payables for costs incurred to date. $($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 $O$ for the amounts. List all debit entries before credit entries.$)$

No Account Titles and Explanation

Debit

Credit

$$

$$

$$

$($To record the $2024$ cost of construction$)$

$$

$$

$$

$$

$$

$($To record the $2024$ progress billings$)$

$$

$$

$$

$$

$$

$($To record the $2024$ cash collections$)$

$$

$($To record the $2024$ progress billing$)$

$3.$

$($To record the $2024$ cash collections$)$

$4.$

$$

$($To record the $2024$ revenue$)$

$5.$

$$

$$

$$

$$

$$

$$

$($To record the $2024$ expenses$)$