Noah Construction Company is buiding a large complex for a contract price of $5,000,000. This is a three-year project and the fequirements for recognizing revenue over time are met. The total estimated cost of the project is $4,000,000 and the following information is available: Assuming that the conditions for revenue recognition over time were not met, which of the following entries would be made in Year 3 to record the completion and occeptance of the project? Mutiple Choice DR Bellings $1,250,000CR inventory: Construction in progress $1,250,000 OR Billings $5,000,000CR inventory. Construction in progress $3,750,000CR income on long-term construction contract $1,250,000 OR Inventory Construction in progress $5,000,000CR Billings $5,000,000