- Your answer is partially correct. Crane, Inc. began work on a $7,029,000 contract in 2020 to construct an office building. During 2020, Crane, Inc. incurred costs of $1,832,950, billed its customers for $1,163,000, and collected $919,000. At December 31, 2020, the estimated additional costs to complete the project total $3,404,050. Prepare Crane's 2020 journal entries using the percentage-of-completion method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For costs incurred use account Materials, Cash, Payables. If no entry is required, select "No entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Construction in Process 1832950 / Materials, Cash, Payables Materials, Cash, Payables (To record costs incurred.) C D 1832950 Accounts Receivable 1163000 Billings on Construction in Process 1163000 (To record billings.) Cash 919000 Accounts Receivable 919000 (To record collections.) Construction in Process 275750 Construction Expenses 1832950 Revenue from Long-Term Contracts 2108700