Walnut Corp. was awarded a contract to build a bridge in a suburb of Vancouver at a total contract price of $10,000,000. The estimated total costs to complete the project were $8,000,000. Walnut uses the percentage-of-completion method for all such contracts. Instructions a. Prepare the entry to record construction costs of $4,800,000, on construction in process to date. b. Prepare the entry to record progress billings of $2,200,000. c. Prepare the entry to recognize the profit that can be recognized to date.