On January 1, Miller Construction Company contracted to build a storage building for the city of...

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On January 1, Miller Construction Company contracted to build a storage building for the city of St. Denise for $825,000. The following transactions and estimates relate to this contract Construction costs incurred during the year $440,000 Progress billings Cash collections $209,000 $192,500 $440,000 Estimated costs to complete Required Assuming that the company accounts for revenue at a point in time, prepare the journal entry to record profit or loss for Year 1. Account Name To record profit or loss on contract Dr. Cr. 0 On January 1, Miller Construction Company contracted to build a storage building for the city of St. Denise for $825,000. The following transactions and estimates relate to this contract Construction costs incurred during the year $440,000 Progress billings Cash collections $209,000 $192,500 $440,000 Estimated costs to complete Required Assuming that the company accounts for revenue at a point in time, prepare the journal entry to record profit or loss for Year 1. Account Name To record profit or loss on contract Dr. Cr. 0