Saved Help Save & MSK Construction Company contracted to construct a factory building for $525.000. Construction started during 20X1 and was completed in 20X2. Information relating to the contract follows: 20x2 $150,000 Costs incurred during the year Estimated additional cost to complete Billings during the year Cash collections during the year 20x1 $290,000 145,000 260,000 240,000 265,000 285,000 Required: 1. Record the preceding transactions in MSK's books assumingit recognizes revenue over time and uses costs incurred to measure the extent to which its performance obligation has been satisfied 2. Record the preceding transactions in MSK's books assuming it recognizes revenue at a point in time when control of the completed factory is transferred to the customer at the end of the project. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record the preceding transactions in MSK's books assuming it recognizes revenue over time and uses costs incurred to measure the extent to which is performance obligation has been satisfied. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction lit X Prepare the entry to record the construction costs incurred. Hint: Use Cash payables, materials, etc. Prepare the entry to record the amounts billed to the customer Prepare the entry to record the cash receipts from the customer Credit Prepare the entry to record the construction costs incurred. Hinti Use Cash, payables, materials, etc. O Prepare the entry to record the amounts bilied to the Required 1 Required 2 Record the preceding transactions in MSK's books assuming it recognizes revenue over time and us extent to which its performance obligation has been satisfied. (If no entry is required for a transacti required" in the first account field.) View transaction list X: Prepare the entry to record the amounts billed to the customer. Prepare the entry to record the cash receipts from the customer Prepare the entry to record the construction costs incurred. Hint: Use Cash, payables, materials, etc. Credit Prepare the entry to record the amounts billed to the customer. Prepare the entry to record the cash receipts from the customer. Note : - Journal entry has been entered Record entry Clear entry View general Journal Required Required 2 > Required Required Record the preceding transactions in MSK's books assuming it recognizes revenue at a point factory is transferred to the customer at the end of the project. (If no entry is required for a required" in the first account field.) View transaction list EX 1 Prepare the entry to record the construction costs incurred. Hint: Use Cash, payables, materials, etc. 7 2. Prepare the entry to record the amounts billed to the customer. Cash, 3 Prepare the entry to record the cash receipts from the customer. 4 Prepare the entry to record the construction costs incurred. Hint: Use Cash, payables, materials, etc. Credit 5 Prepare the entry to record the amounts billed to the customer. 6 Prepare the entry to record the cash receipts from the Journal entry has been entered Note: Record entry Clear entry View general Journal