Pharoah Construction Company signed a contract commencing in March $2023$ to build Murphy Manor, an apartment complex. The total contract price is $$58\mathrm{.}50$ million and is expected to be completed in June $2025$ at a cost of $$51\mathrm{.}25$ million. The contract also specifies a series of progress billings at various stages of construction $($i$.$e$.,$ a certain percentage on signing, an additional billing on breaking ground, etc.$)$ As of December $31,2023,$ Pharoah's fiscal year$-$end, the company had incurred $$10\mathrm{.}25$ million in costs and has invoiced $$7,312,500$ in progress billings, of which $$6,338,000$ has been collected.

Prepare all journal entries required for the year ended December $31,2023,$ using the percentage$-$of$-$completion method. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. 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