Use the following information for problems 17 (percentage of completion) and 18 (completed contract). Assume that Lopez uses the percentage-of-completion method of accounting. Match the journal entries for revenue and expense entries for 20xl and 20x2. Spec Inc, Inc. began work in 20x1 on contract #1234, which provided for a contract price of $4.800.000. Other details follow: 20x1 20x2 Costs incurred during the year 800,000 $2,450,000 Estimated costs to complete, as of 12/31 2,400,000 0 Billings during the year 900,000 3,600,000 Collections during the year 600,000 3,900,000 Journal entries for costs, billing and collections for the two years are provided: 20x1 20x2 CIP 800,000 CIP 2,450,000 Inv 800,000 Inv 2.450,000 900,000 AR 3.600.000 Bill on CIP 900,000 Bill on CIP 3.600,000 Cash 600,000 Cash 3,900,000 AR 600,000 AR 3,900,000 AR 1. CIP 1,200,000 Revenue 1,200,000 Expense 800,000 CIP 800,000 2. CIP 3,600,000 Revenue 3,600,000 Expense 2,450,000 CIP 2,450,000