Problem 7 In January 2020, Pendleton Construction Corp. contracted to construct a building for $6,000,000. Construction started in early 2020 and was completed in 2021. The following additional information is available: 2020 2021 Costs incurred.. $2,430,000 $2,700,000 Estimated costs to complete. 2,600,000 Collections during the year. 2,400,000 3,600,000 Bruins uses the percentage-of-completion method. Instructions a) How much revenue should Pendleton report for 2020 and 2021? b) Prepare all journal entries for 2020 and 2021 for this contract