On 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 $285,000 $262,500 $600,000 Progress billings Cash collections Estimated costs to complete Required a. Prepare the journal entry to record profit or loss assuming revenue is recognized over time. b. Prepare the journal entry to record profit or loss assuming revenue is recognized at a point in time. Note: If a journal entry isn't required on any of the dates shown, select "N/A-debit" and "N/A-credit" as the account names and leave the Dr. and Cr. answers blank (zero). Account Name Cost of Construction Construction in Process To recognize revenues and expenses Dr. 1,125,000 0 Cr. 0x 600,000 x