Recording Long-Term Construction: Recognize Revenue at a Point in Time and Over Time Smith Construction contracted with a developer to build an apartment building with retail space for $3,000,000. Information relating to this contract follows. Costs incurred to date Estimated costs for completion Customer billings to date Customer collections to date 2020 2021 2022 $1,180,000 $2,330,000 $3,150,000 1,320,000 720,000 0 1,000,000 2,000,000 3,000,000 750,000 1,750,000 3,000,000 Revenue Recognized at a Point in Time Revenue Recognized Over Time a. Provide the 2020, 2021, and 2022 journal entries assuming revenue is recognized at a point in time. Provide entries for (1) construction costs incurred, (2) progress billings, (3) cash collections, and (4) losses, revenues and expenses. Note: If a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero). Date 2020 (1) 2020 (2) 2020 (3) 2020 (4) Account Name Dr. Cr. Cash, Payables, etc. To record loss on contract. To record revenue from contract. To record cost of contract. 2021 (1) Cash, Payables, etc. 2021 (2) 2021 (3) 2021 (4) To record loss on contract. To record revenue from contract. To record cost of contract. 2022 (1) Cash, Payables, etc. 2022 (2) 2022 (3) 2022 (4) To record revenue from contract. To record cost of contract. = Cash Accounts Receivable Accounts Payable Retained Earnings Construction in Process Billings on Contracts Revenue from Long-Term Contracts Cost of Construction Loss from Long-Term Contracts N/A