Accounting for Contracts Over Time On January 1, Miller Construction Company contracted to build a parking lot for the city of St. Louis for $900,000. The following transactions and estimates relate to this contract. Required 1. The company accounts for revenue over time. Compute the percent complete at the end of the first year. 2. Prepare the journal entries to record (a) costs incurred, (b) progress billings, (c) collections, and (d) any revenue or expense recognition. - Note: Use the result EXACTLY as displayed above in the calculations below. - 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 Name & & Dr. & Cr. \\ \hline \multirow[t]{3}{*}{ a. } & Construction in Process & v & 240,000 & 0 \\ \hline & Revenues from Long-Term Contracts & v & 0 & 240,000 \\ \hline & To record constructions costs incurred & & & \\ \hline \multirow[t]{3}{*}{ b. } & Cost of Construction & & 228,000 & 0 \\ \hline & Billings on Contracts & & 0 & 228,000 \\ \hline & To record progress billings & & & \\ \hline \multirow[t]{3}{*}{ c. } & Cost of Construction & v & 210,000 & 0 \\ \hline & Accounts Receivable & & 0 & 210,000 \\ \hline & To record collections & & & \\ \hline \multirow[t]{4}{*}{ d. } & Cost of Construction & v & 240,000 & 0 \\ \hline & Revenues from Long-Term Contracts & & 0 & 0 \\ \hline & Sales Revenue & v & 0 & 0 \\ \hline & To recognize revenues and expenses & & & \\ \hline \end{tabular}