MSK Construction Company contracted to construct a factory building for $525,000. Construction started during 20X1 and was completed in 20x2. Information relating to the contract follows: 20x1 20x2 Costs incurred during the year $299,000 $ 150,000 Estimated additional cost to complete 15,000 Billings during the year @, eee 265,000 Cash collections during the year 240, eee 285,000 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 foctory is transferred to the customer at the end of the project. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record the preceding transactions in MSK's books assuming It recognizes revenue over time and uses costs urred to m extent to which its performance obligation has been satisfied. (If no entry is required for a transaction/evenelect "Noi required in the first account field.) View transaction lit Required 1 Required 2 Record the preceding transactions in MSK's books assuming it recognizes revenue over time and uses costs incurred to extent to which its performance obligation has been satisfied. (If no entry is required for a transaction/event, select "No required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 > Prepare the entry to record the construction costs incurred. Hint: Use Cash, payables, materials, etc. Noter Enter debits before credits General Journal Debit Credit Date 20X1 Required 1 Required 2 Record the preceding transactions in MSK's books assuming it recognizes revenue at a point in time when control o factory is transferred to the customer at the end of the project. (If no entry is required for a transaction/event, selo required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 7 > Prepare the entry to record the construction costs incurred. Hint: Use Cash, payables, materials, etc. Note: Enter debits before credits General Journal Debit Credit Date 20X1 re to search o