e GO R R oI E Course Content / HOME / Exam Earn-back Assignment \" 9_ Robby & 's AirPods Pro (14 [y T L) To exit full screen, press and hold - & Exam Earn-back Assignment Question & Partially correct Mark 2.70 out of 3.00 " Flag question On January 1, Miller Construction Company contracted to build a baseball stadium for the city of St. Denise for $24,000,000. The following transactions and estimates relate to this contract. Construction costs incurred during the year = $3,960,000 Progress billings $3,460,000 Cash collections $2,960,000 Estimated costs to complete $18,040,000 Required 1. The company accounts for revenue over time. Compute the percent complete at the end of the first year. '18 '\\/% 2. Prepare the journal entries to record (a) costs incurred, (b) progress billings, (c) collections, and (d) any revenue or expense recognition. Ref. Account Name Dr. a. Construction in Process v 3,960,000 0v Cash 7 0 3,960,000 v To record constructions costs incurred b. Accounts Receivable v 3,460,000 0ov Billings on Contracts v 0 3,460,000 v To record progress billings Cash &7 2,960,000 0v Accounts Receivable v 0 2,960,000 v To record collections d. Cost of Construction v 3,960,000 0w Construction in Process &7 360,000 0v Sales Revenue N4 0 4,320,000 % To recognize revenues and expenses