Inexperienced construction company Blue Spruce Corp. signed a risky non-cancellable contract to build a research facility at a fixed contract amount of $2,500,000. The work began in early 2020 and Blue Spruce incurred costs of $1,125,000. At December 31, 2020, the estimated future costs to complete the project totalled $1,125,000. During 2021, Blue Spruce ran into trouble with weather conditions and incurred the expected costs of $1,125,000 and estimated that it would need to spend an additional $380,000 to complete the project. During 2022, Blue Spruce reluctantly completed the project, incurring further costs of $395,000. Prepare the December 31, 2021 year-end journal entry to record any loss from the contract assuming Blue Spruce uses the completed-contract method. (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.) Date December 31, 2021 Account Titles and Explanation Loss from Long-Term Contracts Contract Asset/Liability Debit 130000 Credit 130000