Noah Construction Company is building a large complex for a contract price of $5,000,000. This is a three-year project and the requirements for recognizing revenue over time are met. The total estimated cost of the project is $4,000,000 and the following information is available: ($ in thousands) Year 1 Year 2 Year 3 Costs incurred $1,000 $1,500 $1,250 Estimated completion costs $3,000 $1,500 $ Billings $ 750 $1,750 $2,500 Cash collected $500 $1,500 $3,000 0 Asuming that the conditions for revenue recognition over time were not met, which of the following entries would be made in Year to record the completion and acceptance of the project? DR Inventory Construction in progress $5,000,000 CR Billings $5,000,000 O DR Billings $5,000,000 CR inventory Construction in progress $3,750,000 CR Income on long-term construction contract $1,250,000 DR Inventory Construction in progress $3,750,000 DR Income on long-term construction contract $1,250,000 CR Bilings $5,000,000 DR Billings $1250,000 CR Inventory Construction in progress $1250,000 Posa Hotels, Inc, has a sixth-night-free policy Every sith night a guest stays at the hotel is free. Because not all guests stay enough nights to earn a free stay on average the number of free nights redeemed is 70% of the maximum possible number of free nights available one obtains by dividing the total number of paid nights the hotel has had by 5 Rooms at Posa Hotels cost $300 per night In 20X1, Poso had a total of 100,000 pald room nights and collected a total of $30 million from customers. Also in 20x1, customers redeemed a total of 10,000 free room nights. Some of the room nights awarded were based on customers' pod nights from previous years and some were based on pald nights from the current yeat Required: Prepore joumal entries to record revenue for 20x1 for Posa (If no entry is required for a particular transaction, select "No journal entry required in the first account field. Enter your answers in dollars and not in millions of dollars. Do not round Intermediate calculations. Round your answers to the nearest whole dollar amount) No Transaction Credit Answer is not complete. General Journal Cash Gift card ability Sales revenge Debit 30.000.000 4.200.000 25.000.000