20 10 pts During 2021 Millcreek Construction Company signed a $5 million contract to construct student housing at a nearby university. The following table summarizes relevant results for the project during the first year. Actual costs incurred during the year $800,000 Estimated costs to complete the project. $3,200,000 Total estimated construction costs $4,000,000 Billings made during the year $1,200,000 Cash Collections during the year $950,000 Assuming that this contract is considered to have a single performance obligation, and that it qualifies for revenue recognition over time... 1. Prepare all journal entries related to this contract for 2021 2. What accounts would be reported in the December 31. 2021 balance sheet for Millcreek Construction related to this contract. Upload