Grouper, Inc. began work on a $$6,339,000$ contract in $2020$ to construct an office building. During $2020,$ Grouper, Inc incurred costs of $$1,537,470,$ billed its customers for $$1,141,000,$ and collected $$961,000.$ At December $31,2020,$ the estimated additional costs to complete the project total $$3,121,530.$

Prepare Grouper's $2020$ 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 $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit

$($To record costs incurred.$)$

$($To record billings.$)$

$($To record collections.$)$

$($To recognize revenue:$)$