Current Attempt in Progress Metlock Inc. began work on a $11,500,000 non-cancellable contract in 2020 to construct an office building. During 2020, Metlock Inc. incurred costs of $1,144,000, billed its customers for $1,450,000 (non-refundable), and collected $940,000. At December 31, 2020, the estimated future costs to complete the project totalled $3,256,000. Prepare Metlock's 2020 journal entries using the percentage-of-completion method. (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.) Account Titles and Explanation Debit Credit Contract Asset/Liability Accounts Receivable Revenue from Long-Term Contracts Construction Expenses No Entry Materials, Cash, Payables (To record progress billings) (To record collections) (To record revenues) (To record construction expenses)