On January 1, 2019, Gyms-R-Us contracted to build a new gym for the College of Saint Rose at a total contract price of $2,000,000, with a three-year time horizon. On December 31, 2021 the project was deemed fully complete. The following data is given:

2019 2020 2021

Cost to date $ 225,000 $1,365,000 $2,150,000

Estimated cost to complete 1,275,000 735,000 0

Billings to College 300,000 900,000 800,000

Required: Using the percentage-of-completion method of accounting for long-term construction contracts, prepare all necessary journal entries on 2019, 2020 and 2021 for Gyms-R-Us to record costs, revenue recognition, billings, and closing entries for the project.