Wildhorse Construction Inc., which has a calendar year end, has entered into a non-cancellable fixed-price contract for $2.5 million beginning September 1, 2023, to build a road for a municipality. It has been estimated that the road construction will be complete by June 2025. The following data pertain to the construction period. 2023 2024 2025 Costs to date $645,000 $1,542,000 $2,050,000 Estimated costs to complete 1,505,000 1,028,000 0 Progress billings to date (non-refundable) 727,000 2,000,000 2,500,000 Cash collected to date 545,000 1,853,000 2,500,000 Prepare the journal entry at December 31, 2024, to record long-term contract revenues, expenses, and losses for 2024. (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 O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation December 31, 2024 Cost of Goods Sold Revenue from Long-Term Contracts Loss from Long-Term Contracts Debit Credit