Your answer is partially correct. Prepare a complete set of journal entries for 2020 (using the percentage-of-completion method). (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. For costs incurred use account Materials, Cash, Payables.) Novak Construction Company uses the percentage-of-completion method of accounting. In 2020, Novak began work under contract #E2-D2, which provided for a contract price of $ 2,195,000. Other details follow. 2020 2021 $637,600 $ 1,404,000 Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year 956,400 -O- 427.000 2.195.000 343,000 1.509,000