Pharoah Inc. began work on a $\backslash$$$10,700,000$ non$-$cancellable contract in $2023$ to construct an office building. During $2023,$ Pharoah incurred costs of $\backslash (\backslash$$ $2,112,000\backslash ),$ billed its customers for $\backslash (\backslash$$ $1,200,000\backslash )($non$-$refundable$),$ and collected $\backslash$$$860,000.$ At December $31,2023,$ the estimated future costs to complete the project totalled $\backslash (\backslash$$ $2,688,000\backslash ).$

Prepare Pharoah's $2023$ journal entries using the percentage$-$of$-$completion method.

$1.($To record cost of construction$)$

$2.($To record progress billings$)$

$3.($To record collections$)$

$4.($To record revenues$)$

$5.($To record construction expenses$)$

List of Accounts:

Accounts Payable Accounts Receivable Advertising Expense Allowance for Doubtful Accounts Allowance for Sales Returns and Allowances Billings on Construction in Process Cash Commission Expense Commission Revenue Compensation Expense Construction Expenses Construction in Process Contract Asset$/$Liability Cost of Goods Sold Estimated Inventory Returns Finished Goods Inventorv Interest Expense Interest Income Interest Payable Interest Receivable Inventory on Consignment Loss from Long$-$Term Contracts Materials, Cash, Payables Miscellaneous Expense No Entry Notes Receivable Office Expense Refund Liability Rent Revenue Returned Inventory Revenue from Consignment Sales Revenue from Long$-$Term Contracts Sales Discounts Sales Discounts Forfeited Sales Returns and Allowances Sales Revenue Service Revenue Unearned Rent Revenue Unearned Revenue Utilities Expense Warranty Expense Warranty Liability Warranty Revenue