Oriole, Inc. began work on a $$6,905,000$ contract in $2025$ to construct an office building. During $2025,$ Oriole, Inc. incurred costs of

$$1,536,120,$ billed its customers for $$1,193,000,$ and collected $$866,000.$ At December $31,2025,$ the estimated additional costs to

complete the project total $$2,981,880.$

Prepare Oriole's $2025$ 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. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

Construction in Process

$($To record costs incurred.$)$

Billings on Construction in Process

$($To record billings.$)$

Accounts Receivable

$($To record collections.$)$

Construction Expenses

Revenue from Long$-$Term Contracts

$($To recognize revenue.$)$