On 1/3/year 1, Monte who used over time revenue recognition entered into a building construction contract for $1,800,000 spanning three years. Known information Data: Year 1 Year 2 Year Incurred annual costs $200,000 $100,000 $1,230,000 Estimated remaining costs 1,200,000 1,200,000 -0- Total costs $1,400,000 $1,500,000 $1,530,000 Annual billings 220,000 1,130,000 450,000 Annual collections 180,000 1,040,000 580,000 Known account balances at end of year 1: Accounts Receivable $40,000 Progress Billings $220,000 Construction in Progress $257,143 Other than Accounts Receivable, how would these accounts be reported at the end of year 1: current asset or current liability (circle one) and amount: Give all year 1 entries: show supporting calculations Give the revenue year 2 entry: show supporting calculations Assume the same amounts for year 1 but for year 2, assume that remaining costs are $1,400,000. Give the revenue/profit year 2 entry. Show supporting calculations