Recording Long-term Construction: Recognize Revenue at a Point in Time Mullen Construction contracted to build a municipal warehouse for the city of Dallas for $1,500,000. The contract specified that the city would pay Mullen each month the progress billings, less 10%, which was to be held as a retention reserve. At the end of construction, the final payment would include the reserve. Each billing, less the 10% reserve, must be paid within 10 days after submission of a billing to the city. Transactions relating to the contract follow. Year 1-Construction costs incurred during the year, $400,000; estimated costs to complete, $800,000; progress billing, $380,000; and collections per the contract. Year 2-Construction costs incurred during the year, $700,000; estimated costs to complete, $230,000; progress billings, $560,000; and collections per the contract, assuming revenue from the contract is appropriately recognized over time. Year 3-Construction costs incurred during the year, $200,000. The remaining billings were submitted by October 1 , and final collections were completed on November 30. Required a. Provide the Year 1, Year 2, and Year 3 journal entries for (1) construction costs incurred, (2) progress billings, (3) cash collections, (4) revenues and expenses, and (5) to close out accounts upon completion of the contract, assuming revenue from the contract is appropriately recognized at a point in time. - Note: If a journal entry isn't required on any of the dates shown, select "N/Adebit" and "N/Acredit" as the account names and leave the Dr. and Cr. answers blank (zero). b. Complete the following table. - Note: Do not use negative signs with any of your answers