Complete this question by entering your answers in the tabs below. Record the preceding transactions in MSK's books assuming it recognizes revenue over time and uses costs incurred to measure the extent to which its performance obligation has been satisfied. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Record the preceding transactions in MSK's books assuming it recognizes revenue at a point in time when control of the completed factory is transferred to the customer at the end of the project. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) MSK Construction Company contracted to construct a factory bullding for $525,000. Construction started during 20X1 and was completed in 202 Information relating to the contract follows: Required: 1. Record the preceding transactions in MSK's books assuming it recognizes revenue over time and uses costs incurred to measure the extent to which its performance obligation has been satisfied. 2. Record the preceding transactions in MSK's books assuming it recognizes revenue at a point in time when control of the completed factory is transferred to the customer at the end of the project