REVUE Year Expense Receivable, Recognized Recognized Ending Balance Construction in Process, Ending Balance CIP in Excess of Billings, Ending Balance 2020 2021 2022 Smith Construction contracted with a developer Information relating to this contract follows. build an apartment building with retail space for $3,000,000 App Exercise 7-109 Recording Long Term Construction Recognize Revenue at a Point in Time and Over Time L011 Costs incurred to date Estimated costs for completion Customer billings to date Customer collections to date 2020 $1,180,000 1,320,000 1,000,000 750.000 2021 $2,330.000 720,000 2,000,000 1,750,000 2022 $3,150,000 0 3,000,000 3,000,000 Required Provide the 2020.2021. and 2022 joumal entries assuming revenue is recognized at a point in time. Provide entries for 1) construction costs incurred. (2) progress billings. (cash collections, and (4) losses, revenues and expenses Provide the 2020, 2021. and 2022 journal entries assuming revenue is recognized over time. Provide entries for (1) construction costs incurred. (2) progress billings. (3) cash collections. (4) revenues and expenses, and (5) to close our accounts upon completion of the contract. REVUE Year Expense Receivable, Recognized Recognized Ending Balance Construction in Process, Ending Balance CIP in Excess of Billings, Ending Balance 2020 2021 2022 Smith Construction contracted with a developer Information relating to this contract follows. build an apartment building with retail space for $3,000,000 App Exercise 7-109 Recording Long Term Construction Recognize Revenue at a Point in Time and Over Time L011 Costs incurred to date Estimated costs for completion Customer billings to date Customer collections to date 2020 $1,180,000 1,320,000 1,000,000 750.000 2021 $2,330.000 720,000 2,000,000 1,750,000 2022 $3,150,000 0 3,000,000 3,000,000 Required Provide the 2020.2021. and 2022 joumal entries assuming revenue is recognized at a point in time. Provide entries for 1) construction costs incurred. (2) progress billings. (cash collections, and (4) losses, revenues and expenses Provide the 2020, 2021. and 2022 journal entries assuming revenue is recognized over time. Provide entries for (1) construction costs incurred. (2) progress billings. (3) cash collections. (4) revenues and expenses, and (5) to close our accounts upon completion of the contract