McCombs Contractors received a contract to construct a mental health facility for $3,000,000. Construction was begun in 2020 and completed in 2021. Cost and other data are presented below: 2020 2021 Costs incurred during the year $1,500,000 $1,000,000 Estimated costs to complete 500,000 0 Billings during the year 1,200,000 1,800,000 Cash collections during the year 1,000,000 2,000,000 Assume that McCombs recognizes revenue on this contract over time according to percentage of completion. Required: Prepare all journal entries to record costs, billings, collections, and profit (loss) recognition for 2020 and 2021. Round your answers to the nearest whole dollar