Recording Long-Term Construction: Recognize Revenue at a Point in Time and Over Time Smith Construction contracted with a developer to build an apartment building with retail space for $3,000,000. Information relating to this contract follows. Costs incurred to date Estimated casts for completion Customer billings to date Customer collections to date 52330,ooo 720,000 2000,ooo 750,000 Revenue Recognized at a Point in Time Revenue Recognized Over Time a. Provide the 2020, 2021, and 2022 journal entries assuming revenue is recognized at a point in time. Provide entries for (1) construction costs incurred, (2) progress billings, (3) cash collections, and (4) losses, revenues and expenses. Note: If a journal entry isn't required for the transaction, select "N/A' as the account names and leave the Dr. and Cr. answers blank (zero). Date 2020 (1) Account Name Cash, Payables, etc. 2020 (2) 2020 (3) 2020 (4) To record lass on contract. To record revenue from contract. To record cost of contract. 2021 (1) Cash, Payables, etc.