In February 2020, Sunland Construction signed a contract and commenced construction on a parking garage The total contract price was $91 5 million and was expected to be completed in July 2024 at a total estimated cost of $83 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 Sunlands year end was September 30 By the end of September, 2020, Sunland had incurred $20,750,000 in costs and had invoiced $7,800,000 in progress billings $7,800,000 of the progress billings had been collected By September 30, 2021, Sunland had incurred $39,900,000 in total costs and had invoiced $45,600,000 in progress billings, including the progress billings in 2020 Of the total billings, $30,000,000 in total had been collected Also, Sunland reviewed its cost estimates on the project, and now believed the parking garage would cost $79 8 million in total to complete 1) Prepare all journal entries required for the year ended September 30, 2020 Use Materials, Cash, Payables for costs incurred to date 2) Prepare all journal entries required for the year ended September 30, 2021 Use Materials, Cash, Payables for costs incurred to date list of accounts Accounts Payable Accounts Receivable Advertising Expense Allowance for Doubtful Accounts Allowance for Sales Returns and Allowances Cash Commission Expense Commission Revenue Compensation Expense Consignment Sales Construction Expenses Contract Asset Liability Cost of Goods Sold Estimated Inventory Returns Interest Expense Interest Income Interest Payable Interest Receivable Inventory Inventory on Consignment Loss from Long Term Contracts Materials, Cash, Payables Miscellaneous Expense No Entry Notes Receivable Office Expense Refund Liability Rent Revenue Returned Inventory Revenue from Consignment Sales Revenue from Long Term Contracts Sales Discounts Sales Discounts Forfeited Sales Returns and Allowances Sales Revenue Service Revenue Unearned Rent Revenue Unearned Revenue Utilities Expense Warranty Expense Warranty Liability Warranty Revenue 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 for the amounts ) No Account Titles and Explanation Debit Credit 1 Construction Expenses 20,750,000 Accounts Payable 20,750,000 (To record the 2020 cost of construction) 2 No Entry 0 No Entry 0 (To record the 2020 progress billings) (To record the 2020 cash collections) 4 (To record the 2020 revenue) 5 11 To record the construction exnenses) 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)

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In February 2020, Sunland Construction signed a contract and commenced construction on a parking garage. The total contract price was $91.5 million and was expected

In February 2020, Sunland Construction signed a contract and commenced construction on a parking garage. The total contract price was $91.5 million and was expected to be completed in July 2024 at a total estimated cost of $83.0 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. Sunlands year-end was September 30. By the end of September, 2020, Sunland had incurred $20,750,000 in costs and had invoiced $7,800,000 in progress billings. $7,800,000 of the progress billings had been collected. By September 30, 2021, Sunland had incurred $39,900,000 in total costs and had invoiced $45,600,000 in progress billings, including the progress billings in 2020. Of the total billings, $30,000,000 in total had been collected. Also, Sunland reviewed its cost estimates on the project, and now believed the parking garage would cost $79.8 million in total to complete.

1) Prepare all journal entries required for the year ended September 30, 2020. Use Materials, Cash, Payables for costs incurred to date.

2) Prepare all journal entries required for the year ended September 30, 2021. Use Materials, Cash, Payables for costs incurred to date

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list of accounts

Accounts Payable
Accounts Receivable
Advertising Expense
Allowance for Doubtful Accounts
Allowance for Sales Returns and Allowances
Cash
Commission Expense
Commission Revenue
Compensation Expense
Consignment Sales
Construction Expenses
Contract Asset/Liability
Cost of Goods Sold
Estimated Inventory Returns
Interest Expense
Interest Income
Interest Payable
Interest Receivable
Inventory
Inventory on Consignment
Loss from Long-Term Contracts
Materials, Cash, Payables
Miscellaneous Expense
No Entry
Notes Receivable
Office Expense
Refund Liability
Rent Revenue
Returned Inventory
Revenue from Consignment Sales
Revenue from Long-Term Contracts
Sales Discounts
Sales Discounts Forfeited
Sales Returns and Allowances
Sales Revenue
Service Revenue
Unearned Rent Revenue
Unearned Revenue
Utilities Expense
Warranty Expense
Warranty Liability
Warranty Revenue

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 for the amounts.) No. Account Titles and Explanation Debit Credit 1. Construction Expenses 20,750,000 Accounts Payable 20,750,000 (To record the 2020 cost of construction) 2. No Entry 0 No Entry 0 (To record the 2020 progress billings) (To record the 2020 cash collections) 4. (To record the 2020 revenue) 5. 11 To record the construction exnenses) 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)