Please show work

Guillen began work on a $8,000,000 contract in 2022 to construct an office building. During 2022, Guillen incurred costs of $2,000,000, billed their customers $1,500,000, and collected $1,200,000. At December 31, 2022, the estimated additional costs to complete the project total $3,000,000. Prepare Guillen 2022 journal entries using the percentage of completion method. Percentage Completed: 2,000,000 + 3,000,000 = 5,000,000 2,000,000/5,000,000 = 40% =