Brief Exercise 18-22 Your answer is partially correct. Try again. Sunland, Inc. began work on a $7,187,000 contract in 2017 to construct an office building. During 2017, Sunland, Inc. incurred costs of $1,801,900, billed its customers for $1.247.000, and collected $1,044,000. At December 31, 2017, the estimated additional costs to complete the project total $3,068,100. Prepare Sunland's 2017 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 o for the amounts.) Account Titles and Explanation Debit Credit Construction in Process Materials, Cash, Payables (To record costs incurred.) Accounts Receivable Billings on Construction in Process (To record billings.) Cash 1,044,000 1,044,000 Accounts Receivable (To record collections.) Construction in Process 1,801,900 Materials, Cash, Payables 1,801,900 (To record costs incurred.) Accounts Receivable 1,247,000 Billings on Construction in Process 1,247,000 (To record billings.) Cash 1,044,000 Accounts Receivable 1,044,000 (To record collections.) H . Construction in Process 53,684 Construction Expenses 1,801,000 Revenue from Long-Term Contracts 1854,684 (To recognize revenue.)