Seal Computer Consultants (SCC) signed a contract in 2022 to develop a computer network system for Jerry Entertainment. Seal uses the percentage-of-completion method and determines its measure of progress using the cost-to-cost approach. The firm provided the following information for 2022. (Click the icon to view the contract information.) (Click the icon to view the revenue recognition information.) Prepare all journal entries necessary to reflect the use of the percentage-of-completion method in 2022 for SCC. Begin by recording the construction costs in 2022. Contract Information Account 2022 Contract price 87,000 2022 Actual construction costs incurred during the year $ 15,400 Now record the progress billings in 2022. Estimated total costs $ 55,000 Account 2022 Progress bilings made during the year $ 30,800 Cash collections during the year $ 32,000 Next record the cash collections in 2022. Print Done