Question No. 2 Accounting for Construction Contracts Eagle River Inc. was contracted in 2019 to build an office building for $9,700,000. Construction began on January 2, 2019 and was completed on December 31, 2020. The percentage of completion is measured by the ratio of cost incurred divided by total estimated construction costs. Eagle River Inc. has a December 31 year-end. The following information is available: 2020 $8,500,000 Costs incurred to date Estimated construction cost to complete Progress billing to date Progress collections to date 2019 $4,250,000 4,250,000 2,500,000 2,000,000 9,700,000 9,000,000 Required: Record the journal entries for 2019-20 assuming Eagle River Inc. uses the percentage of completion method