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Gia Computer Consultants (GCC) signed a contract in 2022 to develop a computer network system for Holt Entertainment. Gia uses the percentage-of-completion method and determines its measure of progress using the cost-to-cost approach. The firm provided the following information for 2022. 2 (Click the icon to view the contract information.) 3 (Click the icon to view the revenue recognition information.) Prepare all journal entries necessary to reflect the use of the percentage-of-completion method in 2022 for GCC. Begin by recording the construction costs in 2022. Now record the progress billings in 2022 . Now record the progress billings in 2022. Next record the cash collections in 2022. Record the revenue, costs and gross profit in 2022 Record the revenue, costs and gross profit in 2022. Paper size Letter Print \begin{tabular}{|l|l|l||} \hline Account & & 2022 \\ \hline(13) & & \\ \hline(14) & & \\ \hline(15) & & \\ \hline(16) & & \\ \hline \hline \end{tabular} 2. Contract Information Contract price 2022$82,000 Actual construction costs incurred during the year $15,080 Estimated total costs \$ 58.000 Progress billings made during the year $31.000 Cash collections during the year 5:24.000 3. Revenue Recognition Information \begin{tabular}{lll} Revenue and Gross profit recognition & 2022 \\ \hline Contract price & $ & 82,000 \end{tabular} Percent complete 26% Cumulative revenue S21,320 Revenue recognized in prior years Current year revenue 521.3200 Less. Actual costs Gross profit recognized in the current year \( \stackrel{\$ \quad 6,240}{\hline} \)