In February 2020, Sheridan Construction signed a contract and commenced construction on a parking garage. The total contract price was $90.6 million and was expected to be completed in July 2024 at a total estimated cost of $82.0 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. Sheridans year-end was September 30. By the end of September, 2020, Sheridan had incurred $12,300,000 in costs and had invoiced $10,400,000 in progress billings. $7,600,000 of the progress billings had been collected. By September 30, 2021, Sheridan had incurred $47,040,000 in total costs and had invoiced $45,700,000 in progress billings, including the progress billings in 2020. Of the total billings, $30,400,000 in total had been collected. Also, Sheridan reviewed its cost estimates on the project, and now believed the parking garage would cost $78.4 million in total to complete.

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 0 for the amounts.)

No.	Account Titles and Explanation	Debit	Credit
1.
	(To record the 2020 cost of construction)
2.
	(To record the 2020 progress billings)
3.
	(To record the 2020 cash collections)
4.
	(To record the 2020 revenue)
5.
	(To record the construction expenses)

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 0 for the amounts.)

No	Account Titles and Explanation	Debit	Credit
1.
	(To record the 2021 cost of construction)
2.
	(To record the 2021 progress billings)
3.
	(To record the 2021 cash collections)
4.
	(To record the 2021 revenue)
5.
	(To record the 2021 expenses)

eTextbook and Media