Problems: Clearly Identify and Support Your Answers Accounting for revenues under a long-term construction contract Dire Straits, Inc., entered into a long-term project to build a new office building during calendar year 2021. The contract price is $10,000,000 and Dire Straits expects to complete the project in three years. 2021 2022 2023 3,000,000 4,000,000 3,000,000 Actual costs incurred during year Estimated costs to complete at as of December 31 6,000,000 3,100,000 2,800,000 4,200,000 Amounts billed to customer Collections from customer 3,000,000 2,700,000 3,600,000 3,700.000 Required: 1. Prepare the journal entries to record the above Information for the year 2022 under the percentage of completion method. 2. What items would be disclosed on the Company's December 31, 2022 balance sheet? Debit Credit