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 $1,500,000. The following transactions and 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) revenues and expenses. - Note: If a journal entry isn't required on any of the dates shown, select "N/Adebit" and "N/Acredit" as the account names and leave the Dr. and Cr. answers blank (zero). \begin{tabular}{|c|c|c|c|c|} \hline Ref. & Account I & & Dr. & Cr. \\ \hline 1. & Construction in Process & & 400,000 & 0 \\ \hline & Cost of Construction & & 0 & 400,000 \\ \hline & To record construction & & & \\ \hline 2. & Accounts Receivable & & 380,000 & 0 \\ \hline & Billings on Contracts & & 0 & 380,000 \\ \hline & To record progress billi & & & \\ \hline 3. & Cash & & 350,000 & 0 \\ \hline & Accounts Receivable & & 0 & 350,000 \\ \hline & Torecordcollections & & & \\ \hline 4. & Construction in Process & & 400,000 & 0 \\ \hline & Cost of Construction & & 0 & 400,000 \\ \hline & To recognize revenues & & & \\ \hline \end{tabular}