Splish Brothers Inc. began work on a $7,500,000 non-cancellable contract in 2020 to construct an office building. During 2020, Splish Brothers Inc. incurred costs of $2,268,000, billed its customers for $1,400,000 (non-refundable), and collected $810,000. At December 31, 2020, the estimated future costs to complete the project totalled $3,132,000. Prepare Splish Brotherss 2020 journal entries using the percentage-of-completion method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title to record cost of construction Construction ExpensesMaterials, Cash, PayablesNo EntryContract Asset/LiabilityRevenue from Long-Term ContractsAccounts Receivable	enter a debit amount	enter a credit amount
enter an account title to record cost of construction No EntryRevenue from Long-Term ContractsContract Asset/LiabilityConstruction ExpensesMaterials, Cash, PayablesAccounts Receivable	enter a debit amount	enter a credit amount
(To record cost of construction)
enter an account title to record progress billings Contract Asset/LiabilityCashConstruction ExpensesAccounts ReceivableNo EntryRevenue from Long-Term Contracts	enter a debit amount	enter a credit amount
enter an account title to record progress billings Accounts ReceivableConstruction ExpensesCashNo EntryContract Asset/LiabilityRevenue from Long-Term Contracts	enter a debit amount	enter a credit amount
(To record progress billings)
enter an account title to record collections Contract Asset/LiabilityAccounts ReceivableCashRevenue from Long-Term ContractsConstruction ExpensesNo Entry	enter a debit amount	enter a credit amount
enter an account title to record collections Accounts ReceivableContract Asset/LiabilityCashConstruction ExpensesRevenue from Long-Term ContractsNo Entry	enter a debit amount	enter a credit amount
(To record collections)
enter an account title to record revenues Construction ExpensesCashRevenue from Long-Term ContractsNo EntryAccounts ReceivableContract Asset/Liability	enter a debit amount	enter a credit amount
enter an account title to record revenues Construction ExpensesContract Asset/LiabilityRevenue from Long-Term ContractsAccounts ReceivableNo EntryCash	enter a debit amount	enter a credit amount
(To record revenues)
enter an account title to record construction expenses Accounts ReceivableNo EntryContract Asset/LiabilityRevenue from Long-Term ContractsCashConstruction Expenses	enter a debit amount	enter a credit amount
enter an account title to record construction expenses Contract Asset/LiabilityAccounts ReceivableNo EntryConstruction ExpensesRevenue from Long-Term ContractsCash	enter a debit amount	enter a credit amount
(To record construction expenses)