Accounting for Contracts at a Point in Time On January 1, Miller Construction Company contracted to build a parking lot for the city of St. Louis for $1,125,000. The following tra estimates relate to this contract. Required Prepare the journal entries for the year to record (1) construction costs incurred, (2) progress billings, (3) cash collections, and (4) reve expenses. - Note: If a journal entry isn't required on any of the dates shown, select "N/A-debit" and "N/A-credit" as the account names and le and Cr, answers blank (zero). Prepare the journal entries for the year to record (1) construction costs incurred, (2) progress billings, (3) cash collections, and (4) revenue expenses, - Note: If a journal entry isn't required on any of the dates shown, select "N/A-debit" and "N/A-credit" as the account names and leave and Cr. answers blank (zero)