don't give answer in im Question 8 of 9View PoliciesShow Attempt History(Current Attempt in ProgressDuring 2025, Ivanhoe Company started a construction job with a contract price of $1,610,000. The job was completed in 2027following information is available.Costs incurred to dateEstimated costs to completeBillings to dateCollections to date2025$366,300623,7002026$772,100 $1,063,000330,9002027300,000 909,000271,000807,0001,610,00041,424,000 Prepare all necessary journal entries for 2026. (Credit account titles are automatically indented when amount is entered. Do nmanually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. For costs incurred use accourMaterials, Cash, Payables. List all debit entries before credit entries.)Account Titles and ExplanationConstruction In ProcessMaterials, Cash, Payables(To record cost of construction.)Accounts ReceivableConstruction In Process(To record progress billings.)Accounts Receivable(To record collections.)Construction in ProcessConstruction ExpensesRevenue from Long-Term Contracts(To recognize revenue.)DebitCredit

The construction contract is a long-term contract because it generally takes more than a year to…

Question 8 of 9 View Policies Show Attempt History < Current Attempt in Progress During 2025, Ivanhoe Company started a construction job with a contract price of $1,610,000. The job was completed in 202 following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date 2025 $366,300 623,700 300,000 271,000 2026 $772,100 330,900 909,000 807,000 2027 $1,063,000 -0- 1,610,000 1,424,000