In February 2020, Oriole Construction signed a contract and commenced construction on a parking garage. The total contract price was $91.0 million and was expected to be completed in July 2022 at a total estimated cost of $82.4 million. Payment by the customer was to be made in several stages, based on significant events and dates throughout the construction timeline. Based on the terms of the contract with the customer, control over the parking garage (i.e. ownership) does not transfer to the customer until completion. Oriole's year-end was September 30 and follows ASPE. By the end of September, 2020, Oriole had incurred $8,240,000 in costs and had invoiced $10,600,000 in progress billings. $8,200,000 of the progress billings had been collected. By September 30, 2021, Oriole had incurred $43,230,000 in total costs and had invoiced $45,400,000 in progress billings, including the progress billings in 2020. Of the total billings, $30,600,000 in total had been collected. Also, Oriole reviewed its cost estimates on the project, and now believed the parking garage would cost $78.6 million in total to complete. Using the completed-contract method, prepare all journal entries required for the year ended September 30, 2020. 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.) No. Account Titles and Explanation Debit Cre 1. Cost of Goods Sold 8240000 Accounts Payable (To record the 2020 cost of construction) 2. No Entry No Entry (To record the 2020 progress billings) 3. Cash| 8200000 Accounts Receivable Using the completed-contract method, prepare all journal entries required for the year ended September 30, 2021. 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.) No. Account Titles and Explanation Debit Cre 1. (To record the 2021 cost of construction) 2. (To record the 2021 progress billings) 3. (To record the 2021 cash collections) Prepare the journal entry to record revenue and cost of construction on completion of the project, assuming all billings are completed and the total actual cost is the same as the 2021 estimate. 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.) Account Titles and Explanation Debit Credit (To record the 2022 cost of construction) (To record the 2022 progress billings) (To record the 2022 cash collections) (To record revenue, costs and gross profit of construction of parking garage)