Noah Construction Company is building a large complex for a contract price of $$5,000,000.$ This is a three$-$year project and the requirements for recognizing revenue over time are met. The total estimated cost of the project is $$4,000,000$ and the following information is available:

Which one of the following entries would be made in Year $1$ to record the costs incurred assuming revenue is recognized over time?

A$)$ DR Inventory: Construction in progress $$1,000,000CR$ Accounts payable, cash, etc. $$1,000,000$

B$)$ DR Inventory: Construction in progress $$1,000,000CR$ Income on long$-$term construction contract $$1,000,000$

C$)$ DR Inventory: Construction in progress $$1,000,000CR$ Billings $$1,000,000$

D$)$ DR Income on long$-$term construction contract $$1,000,000CR$ Accounts payable, cash, etc. $$1,000,000$