n January 1, Miller Construction Company contracted to build a parking lot for the city of St. Louis for $1,125,000. The following transactions and estimates relate to this contract. Construction costs incurred during 2020 $600,000 Progress billings $285,000 Cash collections $262,500 Estimated costs to complete $600,000 Required a. Prepare the journal entry to record profit or loss assuming revenue is recognized over time. Note: If a journal entry isn't required on any of the dates shown, select "N/