Ivanhoe Construction inc, which has a calendar year end, has entered into a non-cancellable fuxed-price contract for $2.6 miltion beginning September 1,2023, to build a road for a municipality. It has been estimated that the road construction will be complete by June 2025 , The following data pertain to the construction period. Using the percentage-of-completion method, prepare the journal entries for 2024. (Use Materials, Cash, Payables for costs incurred to date) (Credit account titles are outomatically indented when 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.) (10 recoro progress Dinings) Cast Accounts Recelvable (10 record collections) Contract Asset/Lability Revenue from Long-Term Contracts (To record revenues) Conturuction Expenses 730200 Couthactaset/Labilty \begin{tabular}{r} 88000 \\ \\ \hline \end{tabular} 1999000 1999000 \begin{tabular}{|c|} \hline \multirow[b]{2}{*}{\begin{tabular}{r} 1999000 \\ \end{tabular}} \\ \hline \\ \hline \end{tabular} Contract Asset/Lability \begin{tabular}{|l|} \hline \\ \hline \\ \hline \\ \hline \\ \hline \end{tabular} Revenue from Longerentincontracts 988000 989000 \begin{tabular}{|c|} \hline Contructiontexpenses \\ \hline Contract Asset/Lability \\ \hline \end{tabular} \begin{tabular}{r} 30200 \\ \\ \\ \hline \end{tabular} (To record construction expenses)