Low Beam Construction Company was awarded a contract to construct a multi$-$storey

office building in Vancouver, British Columbia at a total contract price of

$$24,000,000.$ The estimated total costs for the project were $$18,000,900.$ The

project was completed in $2024.$

The following outlines results over $3$ years:

$2022$

$2023$

$2024$

Cumulative total costs incurred

$$4,374,000$

$$11,960,000$

$$17,800,000$

Estimated additional costs

$13,122,000$

$6,440,0000$

Progress billings

$6,200,000$

$12,200,0005,600,000$

Collections on billings

$5,500,000$

$9,500,000$

$9,000,000$

Prepare all journal entries required for the first $2$ years of this $3-$year project.

Date your entries December $31,2022$ and December $31,2023.$