The contract price is 952126

Hi-Beam Contracting specializes in building sports stadiums. Late in 2019, they were the winning bidder on a stadium in Kamloops, British Columbia. The contract price is $9,000,000 plus the last 5 digits of your student number. For example, if your student number is TO0467538, then the last 5 digits are 67538, and the contract price is 9,067,538. Use your own student number. They estimate their cost as $6,000,000. Hi-Beam follows IFRS. The following table outlines their results over the three years of construction. 2019 2020 2021 Cumulative Costs to date $2,700,000 $4,500,000 $6,100,000 Estimated costs to complete $3,300,000 $1,500,000 0 Progress billings each year $2,500,000 $3,000,000 Balance of the contract Cash collected each year $2,000,000 $2,750,000 Balance of the AR Required: Provide all contract-related journal entries for 2019 and 2020. For the percent complete, round your percent mathematically to one decimal. For example, if you calculate the percent complete as 35.382735%, then use 35.4% for your calculations of revenue and gross profit. Round all other numbers to the nearest dollar. Use the journal form below, and be sure to use standard journal format