Prepare all journal entries required for the year ended September $30,2024.$ Use Materials, Cash, Payables for costs incurred to

date. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select

$"$No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.$)$

No Account Titles and Explanation

Contract Asset$/$Liability

Materials. Cash. Payables

$($To record the $2024$ cost of construction$)$

Accounts Receivable

Contract Asset$/$Liability

$($To record the $2024$ progress billings$)$

Cash

Accounts Receivable

$($To record the $2024$ cash collections$)$

Contract Asset$/$Liability

Revenue from Long$-$Term Contracts

$($To record the $2024$ revenue$)$

Construction Expenses

Contract Asset$/$Liability

$($To record the $2024$ expenses$)$

In February $2023,$ Cullumber Construction signed a contract and commenced construction on a parking garage. The total contract

price was $$89\mathrm{.}80$ million and was expected to be completed in July $2027$ at a total estimated cost of $$81\mathrm{.}0$ million. Payment by the

customer was to be made in several stages, based on significant events and dates throughout the construction timeline. The customer

was to have control over the parking garage and was able to make major changes to the project during the construction process.

Cullumber's year$-$end was September $30.$

By the end of September, $2023,$ Cullumber had incurred $$12,150,000$ in costs and had invoiced $$10,600,000$ in progress billings.

$$8,800,000$ of the progress billings had been collected.

By September $30,2024,$ Cullumber had incurred $$43,450,000$ in total costs and had invoiced $$45,004,000$ in progress billings,

including the progress billings in $2023.$ Of the total billings, $$30,300,000$ in total had been collected. Also, Cullumber reviewed its cost

estimates on the project, and now believed the parking garage would cost $$79\mathrm{.}00$ million in total to complete.