Blossom Construction was awarded a contract to construct an interchange at the junction of two major freeways in a Canadian city at a total contract price of $9,800,000. The estimated total cost to complete the project is $7,840,000, and it is expected to take two years. Using the percentage-of-completion method and the cost-to-cost basis, prepare the journal entry to record construction costs of $4,312,000 for the first year. (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 debit entry before credit entry.) Account Titles List of Accounts Debit Credit Using the percentage-of-completion method and the cost-to-cost basis, prepare the journal entry to record progress billings of $4,900,000 for the first year. (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 debit entry before credit entry.) Account Titles Debit Credit Blossom Construction was awarded a contract to construct an interchange at the junction of two major freeways in a Canadian city at a total contract price of $9,800,000. The estimated total cost to complete the project is $7,840,000, and it is expected to take two years. Using the percentage-of-completion method and the cost-to-cost basis, prepare the journal entry to record construction costs of $4,312,000 for the first year. (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 debit entry before credit entry.) Account Titles List of Accounts Debit Credit Using the percentage-of-completion method and the cost-to-cost basis, prepare the journal entry to record progress billings of $4,900,000 for the first year. (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 debit entry before credit entry.) Account Titles Debit Credit