Required information Skip to question [The following information applies to the questions displayed below.] During 20x2, Long Construction Corporation entered into a fix price contract to construct a two-lane bridge for $10,000,000. The bridge was completed in 20x4. Information related to the contract is as follows: 20x2 20x3 20x4 Cost incurred during the year $ 2,156,000 $ 3,388,000 $ 2,371,600 Estimated costs to complete as of year-end 5,544,000 2,156,000 0 Billings during the year 2,130,000 3,414,000 4,456,000 Cash collections during the year 1,865,000 3,300,000 4,835,000 Long recognizes revenue over time according to percentage of completion. 2-a. In the journal below, complete the necessary journal entries for the year 20x2 (credit "Various accounts" for construction costs incurred). 2-b. In the journal below, complete the necessary journal entries for the year 20x3 (credit "Various accounts" for construction costs incurred). 2-c. In the journal below, complete the necessary journal entries for the year 20x4 (credit "Various accounts" for construction costs incurred).

Journal entries for all years:

• Record construction costs.
• Record progress billings.
• Record cash collections.
• Record gross profit (loss).