PCC began work on a $5,000,000 construction contract in 2022. During 2022, the company incurred costs of $1,500,000, billed the customer for $1,650,000, and collected $1,400,000.

On December 31, 2022, the estimated future costs to complete is $2,500,000. In 2023, the company completed the construction at the estimated cost. PCC also billed and collected the remaining amount from the customer in 2023.

Prepared ALL journal entries in 2022 and 2023. (Percentage of Completion and Completed Contract)