NEED HELP WITH PART B: Recording Long$-$ Term Construction: Recognize Revenue Over Time Mullen Construction contracted to build a municipal warehouse for the city of Dallas for $$930,000.$ The contract speci$$ed that the city would pay Mullen each month the progress billings, less $10\%,$ which was to be held as a retention reserve. At the end of construction, the $$nal payment would include the reserve. Each billing, less the $10\%$ reserve, must be paid within $10$ days after submission of a billing to the city. Transactions relating to the contract follow. Year $1$Construction costs incurred during the year, $$248,000$; estimated costs to complete, $$496,000$; progress billing, $$235,600$; and collections per the contract. Year $2$Construction costs incurred during the year, $$434,000$; estimated costs to complete, $$142,600$; progress billings, $$347,200$; and collections per the contract, assuming revenue from the contract is appropriately recognized over time. Year $3$Construction costs incurred during the year, $$124,000.$ The remaining billings were submitted by October $1,$ and $$nal collections were completed on November $30.$ Required a$.$ Provide the Year $1,$ Year $2,$ and Year $3$ journal entries for $(1)$ construction costs incurred, $(2)$ progress billings, $(3)$ cash collections, $(4)$ revenues and expenses, and $(5)$ to close out accounts upon completion of the contract, assuming revenue from the contract is appropriately recognized over time. First, compute the percent complete at the$$end of Years $1$ and $2.$ Percent CompleteNumeratorDenominatorResultAt the end of Year $1$Answer $1$Answer $2=$At the end of Year $2$Answer $3$Answer $4=$Note: Use the result EXACTLY as displayed above in the calculations below. $$Note: If a journal entry isn't required on any of the dates shown, select $"$N$/$A$$debit$"$ and $"$N$/$A$$credit$"$ as the account names and leave the Dr$.$ and Cr$.$ answers blank $($zero$).$ b$.$ Complete the following table.

$-$Note: Do not use negative signs with any of your answers.