The following costs were paid in order to construct a new facility on a parcel of land during the year:

Materials $ $680,000$

Labour $ $440,900$

Direct Overhead $ $162,000$

Allocated Overhead $ $119,000$

Borrowing costs $ $33,000$

Due to the nature of the lot, the company was able to operate a parking lot on the land both prior to$,$ and during construction of the new building. These revenues helped to pay for the new building. Total revenues earned were $$55,000.$ Costs to operate the parking lot totaled $$18,000.$

Required:

Prepare the journal entries to record the costs incurred on the new building.

$1.$ Prepare the journal entry to record the building under construction:

$2.$ Prepare the journal entry to record the revenues earned during construction:

$3.$ Prepare the journal entry to record the expenses incurred during construction:

Please answer with clear explanations, thanks.