McCombs Contractors received a contract to construct a mental health facility for $2,500,000. Construction was begun in 2023 and completed in 2024. Cost and other data are presented below costs incurred during the year Estimated costs to complete Billings during the year cash collections during the year 2023 2024 $1,500,000 $1,3ee, eee 1,200,00 1,200,000 1,300,000 1, e82, eee 1,5ee, een 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar.) View transaction list Journal entry worksheet