Urgent

McCombs Contractors received a contract to construct a mental health facility for $2,500,000. Construction was begun in 2023 and completed in 2024. Cost and other data are presented below: Assume that McCombs recognizes revenue on this contract over time according to percentage of completion. Required: Prepare all journal entries to record costs, billings, collections, and profit (loss) recognition. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar.) Journal entry worksheet 5 Record the entry for costs incurred during the year 2023. Note: Enter debits before credits. Journal entry worksheet Record the entry for billings during the year 2023. Note: Enter debits before credits. Journal entry worksheet Record the entry for revenue from long-term contracts. Note: Enter debits before credits. Journal entry worksheet Record the entry for costs incurred during the year 2024. Note: Enter debits before credits. Journal entry worksheet Record the entry for billings during the year 2024 . Note: Enter debits before credits. Journal entry worksheet Record the entry for cash collection during the year 2024. Note: Enter debits before credits. Journal entry worksheet 56 Record the entry for revenue from long-term contracts. Note: Enter debits before credits. Journal entry worksheet Record the entry for billings on construction contract. Note: Enter debits before credits