Recording Long- Term Construction: Recognize Revenue at a Point in Time and Over Time to-cost method to measure the completion of its performance obligations. Data relating to the cantract follow. Required b. Provide the Year 1 and Year 2 journal entries for Watson assumting revenue is recognited over time, Provide entries for (1) construstion costs incurred, (a) progres bilings f7i cagh coliections, (4) revenues and expenses, and (5) to close out accounts upon completicn of the contract. -Note: Use the result EXactily as displayed above in the calculations below