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? Multiple Choice A) DR Inventory: Construction in progress $1 , 000 , 000 CR Billings $1 , 000 , 000 B) DR Income on long-term construction contract \$1,000,000 CR Accounts payable, cash, etc. $1 , 000 , 000 C) DR Inventory: Construction in progress $1 , 000 , 000 CR Income on longterm construction contract $1 , 000 , 000 D) DR Inventory: Construction in progress $1 , 000 , 000 CR Accounts payable, cash, etc. $1 , 000 , 000