Question 52 (8 points) On June 15, 2019, Kerr Construction company signed a $510,000 contract to build a small structure for Dorval Company. Kerr estimated the total cost would be $480,000. Construction started immediately because the required completion date was August 31, 2020. Kerr uses the percentage of completion method to recognize revenue for this contract. Kerr's relevant data for the construction project is as follows: 2019 2020 Actual costs incurred in 120,000 the year 360,000 360,000 0 Estimated costs to complete Progress billings in year 112,000 388,000 Cash collected in year 110,000 390,000 Required: Prepare all journal entries for 2020