Recording Long-term Construction: Recognize Revenue at a Point in Time Mullen Construction contracted to build a municipal wa 2020 2021 b. Complete the following table. Show transcribed data Expert Answer This solution was written by a subject matter expert. It's designed to help students like you learn core concepts. Step-by-step 1st step All steps Answer only Step 1/3 Journal entries for the year 2020. Date Account Dr Cr Construction in Process $220,000 Cash and Payables etc. $220,000 To record constructions costs incurred Date Account Dr Cr Accounts Receivable $209,000 Billings on contracts $209,000 To record progress billings Date Account Dr Cr Cash $188,100 Accounts Receivable $188,100 To record collections Date Account Dr Cr N/A $0 N/A $0 To recognize revenues Date Account Dr Cr N/A $0 N/A $0 To recognise expenses Explanationfor step 1 Number 3 entry for cash= $209,000-10%(reserve)= $188,100 Step 2/3 Step 3/3 Final answer Year Revenue Recognized Expense Recognized Receivable Ending Balance Construction in process ending balance CIP in Excess of Billings, Ending Balance 2020 $0 $0 $20,900 $220,000 $11,000 2021 $0 $0 $51,700 $605,000 $88,000 2022 $825,000 $715,000 $0 $0 $0 Receivable ending balance 2020= 209000*10%= $20,900 Receivable ending balance 2021= 20900+308000*10%= $51,700 CIP in Excess of Billings, Ending Balance 2020= 220,000-209,000= $11,000 CIP in Excess of Billings, Ending Balance 2021 how do you get 605,000 in the last part of the question?

how do you get 605,000 in the last part of the question?