a. Provide the year 1 , year 2 , and year 3 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 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). Smith Construction contracted with a developer to build an apartment building with retail space for $2,400,000. Information relating to this contract follows. Required a. Provide the Year 1, Year 2, and Year 3 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 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). \begin{tabular}{|c|c|c|c|} \hline \begin{tabular}{c} Year \\ 3 \end{tabular} & Account Name & Dr. & Cr. \\ \hline \multirow[t]{3}{*}{1.} & & & \\ \hline & & & \\ \hline & To record constructions costs incurred & & \\ \hline \multirow[t]{3}{*}{2.} & & & \\ \hline & v & & \\ \hline & To record progress billings & & \\ \hline \multirow[t]{3}{*}{3.} & & & \\ \hline & v & & \\ \hline & Torecordcollections & & \\ \hline \multirow[t]{9}{*}{4.} & & & \\ \hline & v & & \\ \hline & Torecognizerevenues & & \\ \hline & & & \\ \hline & v & & \\ \hline & Torecognizeexpenses & & \\ \hline & v & & \\ \hline & v & & \\ \hline & Torecognizelosses & & \\ \hline \end{tabular}