Dalton Construction Co$.$ contracted to build a bridge for $$10,000,000.$ Construction began in $2024$ and was completed in $2025.$ At the beginning of $2024,$ the estimated total construction cost is $$6,000,000.$ Data relating to the construction are:

Dalton uses the percentage$-$of$-$completion method.

Instructions

$($a$)$ How much revenue should be reported for $2024?$ Show your computation $(2$ points$).$

$($b$)$ Prepare the entry to record construction costs of $2024(2$ points$).$

$($c$)$ Prepare the entry to record progress billings of $$4,100,000$ during $2024(2$ points$).$

$($d$)$ Prepare the entry to record the revenue and gross profit for $2024(3$ points$).$

$($e$)$ Which account name should you report the difference between construction in process and billing for $2024?$ How much? $(2$ points$)$

$($f$)$ How much gross profit should be reported for $2025?$ Show your computation. $(2$ points$)$