On February $1,2020,$ Marsh Contractors agreed to construct a building at a contract price of $\backslash (\backslash$$ $4,000,000\backslash ).$ Marsh estimated total construction costs would be $\backslash (\backslash$$ $2,000,000\backslash )$ and the project would be finished in $2023.$ Information relating to the costs and billings for this contract is as follows:

Instructions

Make all journal entries required for the project. Assume the customer paid any remaining balance at the completion of the project. Include any calculations for partial credit.