On January $1,$ Miller Construction Company contracted to builed a parking lot for the city of St$.$Louis for $$1,500,000.$ The following transactions and estimates relate to this contract.

$1.$ The company accounts for revenue over time. Compute the percent complete at the end of the first year.

$2.$ Prepare the journal entries to record $($a$)$ costs incurred, $($b$)$ progress billings, $($c$)$ collections, and $($d$)$ any revenue or expense recognition.