Jan 1^st, 2020: ABC Inc. decides to re-model its restaurant and contractors have begun work on it. The final bill will be $120,000 and work will be completed on December 31^st, 2020. ABC Inc. will pay the contractor an equal amount every month at the end of the month.

Record the journal entries for January 1^st, 2020, January 31^st, 2020, February, 29^th, 2020, and December 31^st, 2020. (5 points)