Question 2 (11 points) Saved Flynn Construction Company signed a contract on June 15, 2019 to construct an office building The contract price for the building is $6,500,000. Construction started in June 2019 and was completed in late 2020. The company has a December 31 year end Information for the contract is as follows Costs incurred during the year Estimated costs to complete as of December 31 Billings during the year Collections during the year 2019 $2,400,000 2,600,000 2.950.000 2,500,000 2020 $3,000,000 0 3,550,000 3,700,000 Assume that Flynn uses the percentage-of-completion method of accounting for long term contracts Required: Prepare the journal entries to record the transactions in 2020 assuming that Flynn Construction follows IFRS. Space is provided below for calculations and a general journal is provided for journal entries Dates are not required for journal entries