PCC began work on a $5,000,000 construction contract in 2022. During 2022, the company incurred costs of $1,500,000, billed the customer for $1,650,000, and collected $1,400,000.

On December 31, 2022, the estimated future costs to complete is $2,500,000. In 2023, the company completed the construction at the estimated cost. PCC also billed and collected the remaining amount from the customer in 2023.

Prepared ALL journal entries in 2022 and 2023.