Question 9 (25 points] In March 2013, Velor Inc. bogan construction on a commercial building for Digicom which had a contract price of $2,900,000. The contro is scheduled to be completed in June 2015. Content Womation for these years company's December 31 year-end. Contract costs incurred during the year Estimated additional costs to complete Billings to Digicom during the year Cash collections during year 600,000 1,600,000 400,000 2,000,000 100.000 550,000 1,550,000 800,000 525,000 1.425.000 950,000 Using the percentage-of-completion method, fill in the incomplete joumal entries for Valor Inc. Please make sure your final answerts) are accurate to the nearest whole number. December Construction in progress 2013 to 2015 Cash, materials, etc. December Accounts receivable 2013 to 2015 Billings on construction contract December Cash 2013 to 2015 Accounts receivable December Construction expense 2013 to 2015 Construction in progress (gross profit). Revenue from long-term contracts December Billings on construction contract 2013 to 2015 Construction in progress the role of financial accounting in trying to resolve this