Cullumber Construction Company signed a contract commencing in March $2020$ to build Murphy Manor, an apartment complex. The total contract price is $ $61\mathrm{.}1$ million and is expected to be completed in June $2022$ at a cost of $ $52\mathrm{.}7$ million. The contract also specifies a series of progress billings at various stages of construction $($i$.$e$.,$ a certain percentage on signing, an additional billing on breaking ground, etc$).$ As of December $31,2020,$ Cullumber's fiscal year$-$end, the company had incurred $ $12\mathrm{.}121$ million in costs and has invoiced $ $7,900,000$ in progress billings, of which $ $500,000$ has been collected.Prepare all journal entries required for the year ended December $31,2020,$ using the percentage$-$of$-$completion method. Use Accounts Payable for costs incurred to date. $($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.$)/$r$/$n $($To record the $2020$ cost of construction$)2.$ Accounts Receivable $7900000$ Revenue from Long$-$Term Contracts $($To record the $2020$ progress billings$)3.$ Cash Accounts Receivable $($To record the $2020$ cash collections$)4.$ Cash $($To record the $2020$ revenue$)$ Cash $($To record the $2020$ construction expenses$)$