On January 1, 2020, Miller Construction Company contracted to build a parking lot for the city of St. Louis for $1,050,000. The following transactions and estimates relate to this contract. Construction costs incurred during 2020 $560,000 Progress billings $266,000 Cash collections $245,000 Estimated costs to complete $560,000 a. Prepare the 2020 journal entry to record profit or loss assuming revenue is recognized over time. Note: Record any multiple debits in alphabetical order and any multiple credits in alphabetical order. Account Debit Credit 0 a. X X 0 X 07 OX To recognize revenues and expenses b. Prepare the 2020 journal entry to record profit or loss assuming revenue is recognized at a point in time. Note: If a journal entry (or a line of the journal entry) isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero). Account b. X Debit 0 x 0 Credit 0 0 x X To recognize revenues and expenses