On January 1, Miller Construction Company contracted to build a storage building for the city of St. Denise for $825,000. The following transactions and estimates relate to this contract. Construction costs incurred during the year $440,000 Progress billings Cash collections Estimated costs to complete $209,000 $192,500 $440,000 Required Assuming that the company accounts for revenue over time, prepare the journal entry to record profit or loss for Year 1. Account Name Dr. Cr. 0 0 x Revenues from Long-Term Contracts To record profit or loss on contract 0 412,500